PartnerRe plans fixed-rate reset notes due 2050 via three bookrunners

By Sarah Lizee

Olympia, Wash., Sept. 15 – PartnerRe Finance B LLC expects to sell fixed-rate reset junior subordinated notes due 2050 guaranteed by PartnerRe Ltd., according to a 424B5 filed with the Securities and Exchange Commission.

The notes will bear interest semiannually at a fixed rate until Oct. 1, 2030. After that, it will be equal to the five-year Treasury rate plus a spread.

The notes will be callable in whole or in part at any time from April 1 to Oct. 1 of each year that there is a reset date.

Wells Fargo Securities LLC, Barclays and BofA Securities Inc. are the bookrunners.

Proceeds will be used to redeem the company’s $67 million 5.875% series F non-cumulative preferred shares at $25.00 per share plus declared dividends, if any, as well as other debt.

The reinsurance company has its U.S. operations based in Greenwich, Conn.

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