PartnerRe launches tender offer for 6.44% capital efficient notes

By Angela McDaniels

Tacoma, Wash., March 2 - PartnerRe Ltd. has begun a tender offer for the $250 million 6.44% fixed-to-floating-rate junior subordinated capital efficient notes due 2066 issued by PartnerRe Finance II Inc., according to a company news release.

Holders who tender will receive $500 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which will fall three business days after the offer expiration.

The tender offer will expire at 5 p.m. ET on March 10.

The company said the offer is not conditioned on the tender of a minimum principal amount of notes but is subject to some other conditions.

J.P. Morgan Securities Inc. (866 834-4666 or 212 834-3424) is the dealer manager, and Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the information agent.

PartnerRe is a reinsurer based in Pembroke, Bermuda.

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