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ORION CAPITAL INCREASES AMOUNT OF SENIOR NOTES TO BE OFFERED

 ORION CAPITAL INCREASES AMOUNT OF SENIOR NOTES TO BE OFFERED
 NEW YORK, Aug. 3 /PRNewswire/ -- Orion Capital Corporation (NYSE: OC) reported today that it has filed with the Securities and Exchange Commission an amendment to its registration statement covering the proposed public offering of ten-year, non-callable senior notes of the company. The amendment increases the amount of senior notes that the company plans to sell in the offering from $110 million to $150 million. The net proceeds will be used to repay all of Orion's indebtedness under its loan agreement with six banks, to redeem all of its outstanding 13-1/2 percent senior subordinated debentures and its adjustable rate preferred stock and for general corporate purposes. The company may in the future enter into a new bank credit facility for the purpose, among others, of obtaining funds to redeem its 12-1/2 percent subordinated debentures.
 Orion Capital is engaged in the specialty property and casualty insurance business through various wholly owned insurance subsidiaries, and through its 49.3 percent ownership interest in Guaranty National Corporation.
 -0- 8/3/92
 /CONTACT: Vincent T. Papa of Orion Capital, 212-332-8080; or Robert D. Siegfried of Kekst & Company, 212-593-2655, for Orion Capital/
 (OC) CO: Orion Capital Corporation ST: New York IN: FIN SU: OFR


PS-LR -- NY081 -- 6327 08/03/92 16:43 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
Words:219
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