PartnerRe plans $100 million of fixed-rate non-cumulative series J preferred shares

By Taylor Fox and Cristal Cody

New York, March 9 – PartnerRe Ltd. plans to sell $100 million of fixed-rate non-cumulative redeemable preferred shares, series J, according to a 424B5 filed with the Securities and Exchange Commission and a market source.

The perpetual notes are expected to have a dividend somewhere in the range of 4.875% to 5%.

The shares which will be sold at $25 per share will come with a greenshoe option.

Holders of the shares will be entitled to receive dividend payments quarterly on the 15th day of March, June, September and December beginning June 15, 2021.

The shares may be redeemed in whole or in part at any time after March 15, 2026 at par plus dividends.

Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley and UBS Investment Bank are the joint bookrunners.

The shares will be listed on the New York Stock Exchange as “PRE PrJ.”

Proceeds will be used for general corporate purposes, which may include the redemption or repurchase of the company’s issued and outstanding preferred shares.

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

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