By Cristal Cody
Tupelo, Miss., June 12 – PartnerRe Finance B LLC sold $500 million of 3.7% 10-year guaranteed senior notes (A3/A-) on Wednesday on top of guidance at a spread of 160 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.783 to yield 3.726%.
Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. were the bookrunners.
The company held fixed income investor calls on Monday and Tuesday.
The notes are guaranteed by parent company PartnerRe Ltd.
Proceeds will be used to redeem the company’s 5.5% senior notes due 2020 and for general corporate purposes.
PartnerRe is a Pembroke, Bermuda-based reinsurance provider and a subsidiary of EXOR Nederland NV.
| Issuer: | PartnerRe Finance B LLC
|
| Guarantor: | PartnerRe Ltd.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | July 2, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.
|
| Co-managers: | Barclays, BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC and nabSecurities, LLC
|
| Coupon: | 3.7%
|
| Price: | 99.783
|
| Yield: | 3.726%
|
| Spread: | Treasuries plus 160 bps
|
| Call features: | Make-whole call before April 2, 2029 at price equal to greater of par and Treasuries plus 25 bps; thereafter at par
|
| Trade date: | June 12
|
| Settlement date: | June 19
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 160 bps area
|
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