PartnerRe talks series F noncumulative redeemable perpetual preferreds at 5.875%

By Stephanie N. Rotondo

Phoenix, Feb. 11 - PartnerRe Ltd. is planning a sale of at least $150 million series F noncumulative redeemable perpetual preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Price talk on the preferreds (Expected ratings: Baa2/BBB/BBB+) is 5.875%, revised from earlier talk of 6% to 6.125%, according to a trader.

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

Barclays and RBC Capital Markets LLC are the senior co-managers, and HSBC Securities (USA) LLC and J.P. Morgan Securities LLC are the co-managers.

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.

The Pembroke, Bermuda-based reinsurance provider intends to list the new securities on the New York Stock Exchange under the ticker symbol "PREPF."

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

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