PartnerRe Ltd. announced from its Bermuda headquarters that it has priced an offering of 8,000,000 Series D Cumulative Redeemable Preferred Shares (the “Series D Preferred Shares”). The offering is expected to close on November 15, 2004.
“In connection with this offering, PartnerRe expects to issue $200 million of Series D Preferred Shares,” the bulletin said. “In addition, the Company has granted the underwriters an option, exercisable for 30 days, to purchase up to 1,200,000 additional Series D Preferred Shares. The Series D Shares, which are expected to be listed on the New York Stock Exchange under the symbol ‘PRE PrD’ will have an annual dividend yield of 6.5% and a liquidation preference of $25.00 per share. The Company may redeem the Series D Preferred Shares at any time beginning November 15, 2009.”
The Company intends to use the net proceeds of the offering for general corporate purposes including the repurchase of common shares.
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