By James McCandless
San Antonio, Sept. 17 – PartnerRe Finance B LLC sold a $500 million offering of $1,000-par fixed-rate reset junior subordinated notes due Oct. 1, 2050 (Baa1/BBB) with an initial coupon of 4.5%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
The notes are guaranteed by PartnerRe Ltd.
Wells Fargo Securities, LLC, Barclays and BofA Securities, Inc. are the bookrunners.
On Oct. 1, 2030, the coupon resets to a rate equal to Treasuries plus 381.5 basis points.
The notes are redeemable at any point during April 1 to Oct. 1 of each year there is a reset date. Prior to that, the notes are redeemable within 90 days after a capital disqualification event at par or within 90 days after a ratings agency event at 102%.
PartnerRe plans to use the proceeds for general corporate purposes, including for the repayment or redemption of its 5.875% series F non-cumulative preferred shares, as well as other debt.
The company does not plan to list the notes on any securities exchange.
PartnerRe is a Greenwich, Conn.-based reinsurance company.
| Issuer: | PartnerRe Finance B LLC
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| Guarantor: | PartnerRe Ltd.
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| Description: | Fixed-rate reset junior subordinated notes
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| Amount: | $500 million
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| Maturity: | Oct. 1, 2050
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| Bookrunners: | Wells Fargo Securities, LLC, Barclays and BofA Securities, Inc.
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| Co-managers: | BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and nabSecurities, LLC
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| Coupon: | 4.5% until Oct. 1, 2030, then resets to a rate equal to Treasuries plus 381.5 bps
|
| Price: | Par of $1,000
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| Call: | At any point during April 1 to Oct. 1 of each year there is a reset date; prior to that, within 90 days after a capital disqualification event at par or within 90 days after a ratings agency event at 102%
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Ratings: | Moody’s: Baa1
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| S&P: BBB
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| Distribution: | SEC registered
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