PartnerRe Redemption Of $250M Senior Notes
Bermuda-based PartnerRe Ltd. announced that its wholly owned subsidiary, PartnerRe Finance A LLC, has called for the redemption of all $250 million of its outstanding 6.875% Senior Notes due 2018.
The redemption date will be November 1, 2016. The redemption price for the Notes will be equal to the greater of [i] 100% of the principal amount of the Notes to be redeemed and [ii] the sum of the present values of the remaining scheduled payments on the Notes [exclusive of interest accrued to the date of redemption], discounted to the redemption date using a defined treasury rate plus 50 basis points [0.50%], and will be determined as of November 1, 2016. Accrued and unpaid interest on the Notes will be paid to the redemption date.
Additionally, PartnerRe Ltd. announced that the Company will redeem all of its outstanding 6.50% Series D Cumulative Preferred Shares and 7.25% Series E Cumulative Preferred Shares on November 1, 2016, in each case at a redemption price of $25 per share, plus accrued and unpaid dividends.
