ORION CAPITAL COMPLETES INITIAL PUBLIC OFFERING OF 50.4 PERCENT OF GUARANTY NATIONAL
ORION CAPITAL COMPLETES INITIAL PUBLIC OFFERING
OF 50.4 PERCENT OF GUARANTY NATIONAL
NEW YORK, Nov. 20 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) and Guaranty National Corporation (NYSE: GNC) announced that the sale of 6,250,000 shares, representing approximately 50.4 percent, of the common stock of Guaranty National Corporation at a price of $14.50 per share, was completed today.
The public offering of the Guaranty National shares resulted in Orion's insurance subsidiaries receiving proceeds of $85 million, net of underwriting discounts and commissions. The remaining 49.6 percent of the shares of Guaranty National common stock will continue to be held by Orion's insurance subsidiaries following the sale.
/CONTACT: Vincent T. Papa, VP and treasurer of Orion Capital, 212-332-8080; or Michael L. Pautler, senior VP of Guaranty National, 303-790-8200; or Robert Siegfried or Roanne Kulakoff of Kekst & Company, 212-593-2655, for Orion Capital/
(OC GNC) CO: Orion Capital Corporation; Guaranty National Corporation ST: New York IN: INS SU: SH-CK -- NY058 -- 5473 11/20/91 13:24 EST