PartnerRe greenshoe exercised, raising PEPS offering to $200 million

New York, Nov. 21 - PartnerRe Ltd. said the underwriters of its recent offering of mandatory convertible PEPS units exercised the greenshoe, adding a further 500,000 worth $25 million to the deal for a total of $200 million.

Along with a concurrent trust preferred sale, the Pembroke, Bermuda reinsurer raised a total of $363.5 million in proceeds from the offerings.

PartnerRe priced the convertibles after the market close on Nov. 15 via Morgan Stanley. The securities sold at a yield of 8% and an initial conversion premium of 23.4%.

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