By Andrea Heisinger
New York, March 10 - PartnerRe Finance B LLC sold an upsized $500 million of 5.5% 10-year guaranteed senior unsecured notes on Wednesday to yield Treasuries plus 180 basis points, an informed source said.
The size was originally $400 million, a source said. They priced at the tightest end of guidance in the range of 180 to 185 bps.
The notes (A2/A/A+) were priced at 99.885 to yield 5.516%. They have a make-whole call at Treasuries plus 30 bps.
The notes are guaranteed by PartnerRe Ltd.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and Credit Suisse Securities.
Proceeds are being lent to PartnerRe U.S. Holdings to use for general corporate purposes.
The reinsurance company has its U.S. operations based in Greenwich, Conn.
| Issuer: | PartnerRe Finance B LLC
|
| Issue: | Senior unsecured notes
|
| Guarantor: | PartnerRe Ltd.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | June 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities
|
| Coupon: | 5.5%
|
| Price: | 99.885
|
| Yield: | 5.516%
|
| Spread: | Treasuries plus 180 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | March10
|
| Settlement date: | March 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 180 to 185 bps
|
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