Bermuda-based Platinum Underwriters Holdings, Ltd. announced the pricing of its offering of $250 million aggregate principal amount of 7.50 percent notes due 2017 (See IJ Website May 16).
“The notes are being issued by Platinum Underwriters Finance, Inc., a subsidiary of Platinum Underwriters Holdings, Ltd. and guaranteed by Platinum Underwriters Holdings, Ltd. Platinum Underwriters Holdings, Ltd. intends to use the net proceeds from the offering to increase the capital and surplus of Platinum Underwriters Bermuda, Ltd. and one or more of its other reinsurance company subsidiaries and for general corporate purposes,” said the announcement.
It added that “the notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.”
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