New Issue: PartnerRe upsizes preferred offering to $250 million, dividend set at 5.875%

By Stephanie N. Rotondo

Phoenix, Feb. 11 - PartnerRe Ltd. priced $250 million 5.875% series F noncumulative redeemable perpetual preferred stock (Expected ratings: Baa2/BBB/BBB+), according to a market source on Monday.

Joint bookrunners are UBS Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) Inc. and Wells Fargo Securities LLC.

When declared, dividends will be payable on the first day of March, June, September and December. The preferreds can be redeemed on or after March 1, 2018 at par plus accrued dividends.

Proceeds will be used for general corporate purposes, including the redemption of all outstanding series C preferreds.

PartnerRe is a Pembroke, Bermuda-based reinsurance company.

Issuer:	PartnerRe Ltd.
Securities:	Series F noncumulative redeemable preferred stock
Amount:	$250 million, or 10 million shares
Maturity:	Perpetual
Bookrunners:	UBS Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) Inc., Wells Fargo Securities LLC
Senior co-managers:	Barclays, RBC Capital Markets LLC
Co-managers:	HSBC Securities (USA) LLC, J.P. Morgan Securities LLC
Dividend:	5.875%
Price:	Par of $25.00
Yield:	5.875%
Talk:	Initially 6% to 6.125%, then revised to 5.875%
Call options:	On or after March 1, 2018 at par plus accrued dividends; or in the event of a change of control
Pricing date:	Feb. 11
Settlement date:	Feb. 14
Expected ratings:	Moody's: Baa2
	Standard & Poor's: BBB
	Fitch: BBB+
Expected symbol:	NYSE: PREPF

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