By Cristal Cody
Tupelo, Miss., June 26 – RenaissanceRe Finance Inc. sold $300 million of 3.45% 10-year senior notes (A3/A/) on Monday at 99.272 to yield 3.537%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced on the tight side of guidance with a spread of 140 basis points over Treasuries.
Bookrunners were Barclays and Wells Fargo Securities LLC.
The notes are fully and unconditionally guaranteed by RenaissanceRe Holdings Ltd.
The company plans to use the proceeds for general corporate purposes.
RenaissanceRe is a Hamilton, Bermuda-based reinsurance company.
| Issuer: | RenaissanceRe Finance Inc.
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| Guarantor: | RenaissanceRe Holdings Ltd.
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| Amount: | $300 million
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| Description: | Senior notes
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| Maturity: | July 1, 2027
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| Bookrunners: | Barclays and Wells Fargo Securities LLC
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| Joint lead managers: | Citigroup Global Markets Inc. and BofA Merrill Lynch
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| Senior co-managers: | BMO Capital Markets Corp., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC
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| Coupon: | 3.45%
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| Price: | 99.272
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| Yield: | 3.537%
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| Spread: | Treasuries plus 140 bps
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| Call features: | Make-whole call before April 1, 2027 at greater of par and Treasuries plus 25 bps; on or after April 1, 2027 at par
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| Trade date: | June 26
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| Settlement date: | June 29
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| Ratings: | Moody's: A3
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| S&P: A
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 145 bps area, plus or minus 5 bps
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