PartnerRe Prices 5.875% Series F Share Offering
Bermuda-based PartnerRe Ltd. has priced an offering of 5.875% Series F Non-Cumulative Redeemable Preferred Shares. The offering is expected to close on February 14, 2013, subject to customary closing conditions.
In the offering, PartnerRe expects to issue 10 million shares [$250 million] of Series F preferred shares, and intend to apply for listing of the Series F preferred shares on the New York Stock Exchange. If the application is approved, trading is expected to begin within 30 days of issuance under the symbol “PRE PrF”.
The Series F preferred shares will pay dividends, when, as and if declared, at an annual dividend rate of 5.875% and will have a liquidation preference and redemption value of $25.00 per share. The Company may redeem these shares at any time on or after March 1, 2018.
The Company intends to use the net proceeds of the offering, together with available cash, for the redemption of $290 million aggregate liquidation value of the Company’s outstanding Series C Cumulative Redeemable Preferred Shares.
UBS Securities LLC, Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. Senior co-managers were Barclays Capital Inc. and RBC Capital Markets, LLC, and co-managers were HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.
