By Stephanie N. Rotondo
Portland, Ore., June 8 - PartnerRe Ltd. priced $325 million of 7.25% series E cumulative redeemable preferred stock, according to an FWP filing with the Securities and Exchange Commission on Wednesday.
The deal was upsized from $150 million. There is a $48.75 million over-allotment option.
The preferreds priced at par of $25.
The preferreds (/BBB+/) become redeemable on June 1, 2016 at par plus accrued dividends. Dividends are payable quarterly beginning Sept. 1.
There is no stated maturity, and the shares are not subject to any sinking fund or mandatory redemption.
Bank of America Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners. Barclays Capital Inc., Credit Suisse (USA) Securities LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and RBS Securities Inc. are the co-managers.
Proceeds will be used for general corporate purposes.
The company has applied to list the preferreds on the New York Stock Exchange under the symbol "PREPRE."
PartnerRe is a Pembroke, Bermuda-based reinsurance company.
| Issuer: | PartnerRe Ltd.
|
| Securities: | Series E cumulative redeemable preferred stock
|
| Amount: | $325 million
|
| Shares: | 13 million shares
|
| Greenshoe: | $48.75 million
|
| Price: | $25 per share
|
| Dividends: | 7.25%
|
| Call option: | Beginning June 1, 2016
|
| Bookrunners: | Bank of America Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | Barclays Capital Inc., Credit Suisse (USA) Securities LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and RBS Securities Inc.
|
| Pricing date: | June 8
|
| Settlement date: | June 15
|
| Rating: | S&P: BBB+
|
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