RenRe Announce Pricing Of Common Shares
RenaissanceRe Holdings Ltd. [RNR] announced the pricing of an underwritten public offering of 6,300,000 of its common shares at a price to the public of $192.00 per share, before underwriting discounts and commissions.
A spokesperson said, “The offering is expected to close on May 26, 2023, subject to customary closing conditions. The Company intends to use the net proceeds from this offering to fund a portion of the cash consideration for the previously announced acquisition of certain subsidiaries of American International Group, Inc., including Validus Holdings, Ltd., Validus Specialty, LLC and Validus Reinsurance Ltd. [Validus Acquisition], to pay related costs and expenses, and for general corporate purposes.
“Morgan Stanley is acting as lead active bookrunner and Goldman Sachs & Co. LLC is acting as active bookrunner in the offering. The underwriters will have the option to purchase up to an aggregate of 945,000 additional common shares from the Company.
“The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission [SEC]. “
