RenRe: Pricing Of $150 Million Senior Notes
Renaissance Re Holdings Ltd. announced today that its joint venture, DaVinci Re Holdings Ltd., has agreed to sell in a private debt offering $150 million aggregate principal amount of 4.750% Senior Notes due 2025. The offering is expected to close on or about May 4, 2015, subject to customary closing conditions.
“DaVinci Re Holdings Ltd. intends to use the net proceeds from the offering to repay a $100 million loan from Renaissance Re Holdings Ltd., and to repurchase its shares or to otherwise retain the net proceeds for general corporate purposes. We expect the senior notes to be rated Baa2 by Moody’s Investors Service and A by Standard & Poor’s,” the company said.
