By Andrea Heisinger
Omaha, May 22 - PartnerRe Finance A LLC priced $250 million 6.875% 10-year senior notes to yield 7%, according to an FWP Securities and Exchange Commission filing.
The notes (A2/A/A+) priced at 99.110 for a spread over Treasuries of 318.8 basis points.
There is a make-whole redemption at Treasuries plus 50 bps.
Bookrunners were Credit Suisse Securities and Wachovia Capital Markets.
Co-managers were Banc of America Securities LLC, Barclays Capital Inc. and UBS Investment Bank.
Proceeds will be lent to parent company PartnerRe U.S. Holdings to be used to repay $220 million of third party debt.
The reinsurance company is based in Greenwich, Conn.
| Issuer: | PartnerRe Finance A LLC
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | June 1, 2018
|
| Coupon: | 6.875%
|
| Price: | 99.110
|
| Yield: | 7%
|
| Spread: | Treasuries plus 318.8 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | May 21
|
| Settlement date: | May 27
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
