RenaissanceRe to issue $25-par preference shares; proceeds to redeem series D, C shares

By Stephanie N. Rotondo

Phoenix, May 20 - RenaissanceRe Holdings Ltd. is planning an offering of $25-par series E noncumulative preference shares, according to a prospectus filed with the Securities and Exchange Commission on Monday.

Wells Fargo Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are the joint bookrunning managers.

Dividends, when declared, will be payable on the first day of March, June, September and December, beginning Sept. 1.

The shares become redeemable at par plus accrued dividends on June 1, 2018. Before that date, the company can call the securities at $26.00 plus accrued dividends if approved by shareholders. Also, the shares can be called within 90 days of a tax event.

The company will apply to list the preference shares on the New York Stock Exchange under the ticker symbol "RNRPE."

Proceeds will be used to redeem all outstanding 6.6% series D preference shares. Should there be any funds left over, the company will then call all or part of its 6.08% series C preference shares.

RenaissanceRe is a Hamilton, Bermuda-based reinsurance company.

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