By Rebecca Melvin and Cristal Cody
New York, March 9 – PartnerRe Ltd. priced $200 million 4.875% non-cumulative redeemable perpetual preferred shares, series J, at par on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The $25-par shares (Baa2/BBB) are optionally redeemable in whole, but not in part, prior to March 15, 2026. After March 15, 2026, the shares are redeemable at par plus declared and unpaid dividends.
They priced at the tight end of 4.875% to 5% talk for the dividend. Coupons are payable quarterly beginning on June 15.
Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley and UBS Investment Bank were the joint bookrunners.
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. were joint senior managers and BMO Capital Markets and nabSecurities LLC were joint managers.
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.
| Issuer: | PartnerRe Ltd.
|
| Description: | Non-cumulative redeemable perpetual preferred shares, series J
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley and UBS Investment Bank
|
| Joint senior managers: | Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC
|
| Joint managers: | BMO Capital Markets and nabSecurities LLC
|
| Coupon: | 4.875%
|
| Price: | Par of $25
|
| Yield: | 4.875%
|
| Call option: | In whole or in part at any time on or after March 15, 2026
|
| Pricing date: | March 9
|
| Settlement date: | March 15
|
| Ratings: | Moody’s: Baa2
|
| S&P’s: BBB
|
| Listing: | NYSE: PRE PrJ
|
| Talk: | Dividend of 4.875% to 5%
|
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