PartnerRe To Issue 13 Million Shares
Bermuda-based PartnerRe Ltd today [June 9] announced that it has priced an offering of 7.25% Series E Cumulative Redeemable Preferred Shares. The offering is expected to close on June 15, 2011 and is being made pursuant to its shelf registration statement filed with the United States Securities and Exchange Commission.
In the offering, PartnerRe expects to issue 13 million shares [$325 million] of Series E preferred shares. In addition, the Company has granted the underwriters a 30 day overallotment option for the issuance of up to an additional 1,950,000 shares [$48.75 million] of Series E preferred shares.
The Series E Preferred Shares, which are expected to trade on the New York Stock Exchange under the symbol “PRE PrE”, will have an annual dividend yield of 7.25% and a liquidation preference and redemption value of $25.00 per share. PartnerRe may redeem these shares at any time on or after June 1, 2016.
PartnerRe President & CEO Costas Miranthis said, “The Company was presented with and took advantage of an excellent opportunity to access the capital markets at attractive rates. This issue enhances our financial flexibility and serves to reduce our overall cost of capital.”
