Bermuda’s Platinum Underwriters Holdings Ltd. announced that it has completed its previously announced offering of $250 million aggregate principal amount of 7.50 percent notes due 2017 (See IJ Web site May 16 and 22).
“The notes were issued by Platinum Underwriters Finance Inc., a subsidiary of Platinum Underwriters Holdings Ltd., and guaranteed by Platinum Underwriters Holdings Ltd.,” said the bulletin. “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.”
The company also explained that the “notes were sold 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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