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ORION CAPITAL CORPORATION SELLS $110 MILLION OF SENIOR NOTES

 ORION CAPITAL CORPORATION SELLS $110 MILLION OF SENIOR NOTES
 NEW YORK Aug. 28 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) announced today that it has sold $110 million of senior notes due Sept. 1, 2002, in a public offering underwritten Merrill Lynch & Co. and Lehman Brothers. The senior notes, which are non-callable to maturity, are to be issued at an interest rate of 9.125 percent per annum and will be sold at 99.873 percent of face amount to yield 9.144 percent per annum. THe sale is expected to close or Sept. 8, 1992.
 The company had announced on Aug. 3, 1992, that it planned to increase the senior note offering from $110 million to $150 million. The decision to revert to the smaller issue size reflects current market conditions.
 The company will use the proceeds of the sale to repay all of its indebtedness under its loan agreement with six banks, to redeem all of its outstanding 13-1/2 percent senior subordinated debentures and for general corporate purposes. The company may in the future redeem its 12-1/2 percent subordinated debentures and/or its adjustable rate preferred stock through a new bank credit facility or other financing, or through open market purchases.
 Orion Capital is engaged in the specialty property and casualty insurance business through various wholly-owned insurance subsidiaries, and through its 49.3 ownership interest in Guaranty National Corporation.
 -0- 6/28/92
 /CONTACT: Vincent T. Papa of Orion Capital Corporation, 212-332-8080, or Robert D. Siegfried of Kekst & Company, 212-593-2655, for Orion Capital Corporation/
 (OC) CO: Orion Capital Corporation ST: New York IN: INS SU:


PS-AH -- NY069 -- 4646 08/28/92 17:45 EDT
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Publication:PR Newswire
Date:Aug 28, 1992
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