PartnerRe greenshoe exercise lifts 7.25% preferreds to $373.75 million

By Susanna Moon

Chicago, June 16 - PartnerRe Ltd. underwriters exercised the over-allotment option for $48.75 million of 7.25% series E cumulative redeemable preferred shares, putting the total deal size at $373.75 million.

The company settled the offering for 14.95 million preferreds on Thursday after pricing the upsized $325 million issue at par of $25 on June 8.

The deal was upsized from $150 million. The greenshoe was exercised in full.

The preferreds (/BBB+/) are 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 preferreds are expected to trade on the New York Stock Exchange under the symbol "PRE PrE."

PartnerRe is a Pembroke, Bermuda-based reinsurance company.

© 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.