By Aleesia Forni
Virginia Beach, March 19 – RenaissanceRe Finance Inc. sold a $300 million issue of 3.7% senior notes (A3/A/) due April 1, 2025 on Thursday at 175 basis points over Treasuries, according to a market source.
Pricing was at 99.8 to yield 3.724%.
The notes sold in line with initial guidance.
The bookrunners were Morgan Stanley & Co. LLC and Barclays.
The notes will be fully and unconditionally guaranteed by RenaissanceRe Holdings Ltd.
Proceeds will be used to repay a bridge loan used to finance a portion of the company’s acquisition of Platinum Underwriters Holdings, Ltd.
RenaissanceRe is a Hamilton, Bermuda-based reinsurance company.
| Issuer: | RenaissanceRe Finance Inc.
|
| Guarantor: | RenaissanceRe Holdings Ltd.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2025
|
| Bookrunners: | Morgan Stanley & Co. LLC, Barclays
|
| Lead managers: | Wells Fargo Securities LLC, Citigroup Global Markets Inc.
|
| Co-manager: | HSBC Securities (USA) Inc.
|
| Coupon: | 3.7%
|
| Price: | 99.8
|
| Yield: | 3.724%
|
| Spread: | 175 bps
|
| Trade date: | March 19
|
| Settlement date: | March 24
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
| Price talk: | 175 bps area
|
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