Convertibles Calendar: Old Republic, MetLife to price

MARCH 2

OLD REPUBLIC INTERNATIONAL CORP. (NYSE: ORI): $250 million of seven-year convertible senior notes; after the close Wednesday; talked to yield 3.5%-4%, up 30%-35%; concurrent offering of $250 million of straight notes due 2021; registered; $37.5 million greenshoe; non-callable for life; cash dividend protection of $0.175 per quarter; proceeds to repay debt that was assumed in connection with the acquisition of PMA. Remaining proceeds will be for general corporate purposes, including making additional capital contributions to insurance company subsidiaries that may be necessary; Morgan Stanley & Co. Inc. on books; Chicago-based insurance holding company.

METLIFE INC. (NYSE: MET): $3 billion of mandatory convertible equity units; concurrent common stock offerings; terms fixed with 5% coupon; seen pricing Wednesday after accelerated bookbuilding; concurrent stock offering of 146 million shares; via Goldman Sachs & Co. and Citigroup Global Markets Inc.; proceeds of 68.57 million shares of stock will be used to buy back 6.86 million of MetLife's contingent convertible preferred shares owned by AIG; MetLife will not receive proceeds from the offering of 78.24 million common shares or the 40 million equity units; New York-based life insurance company.

MARCH 3

NORTHSTAR REALTY FINANCE CORP. (NYSE: NRF): $100 million of 20-year senior exchangeable notes; after the market close Thursday; talked to yield 7% to 7.5%, up 18% to 22%; Rule 144A; $15 million greenshoe; bookrunners J.P. Morgan Securities LLC and Citigroup Capital Markets Inc. with FBR as co-manager; non-callable for five years; puts in years five, 10 and 15; guaranteed by NorthStar and NRFC Sub-REIT Corp.; proceeds to buy back or repay debt and for general corporate purposes; New York-based real estate investment trust focused on commercial real estate debt, real estate securities and net lease properties.

ON THE HORIZON

PPL Corp. (NYSE: PPL): $750 million to $950 million of convertible equity units; proceeds to fund partially the acquisition of Central Networks from E.ON UK plc; PPL is also planning to issue $2.95 billion to $3.25 billion of unsecured debt and $1.7 billion to $1.9 billion of PPL stock for £4 billion acquisition; Allentown, Pa.-based electricity producer and distributor to about 4 million customers in Pennsylvania and the United Kingdom.

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