Montpelier Re Prices $250M Senior Notes Offering

July 31, 2003

Montpelier Re Holdings Ltd. announced that it has priced an offering to sell $250 million of senior notes due 2013. The senior notes will bear interest at 6.125 percent per year and, unless previously redeemed, will mature on Aug. 15, 2013.

Montpelier expects to use a portion of the proceeds from the offering to repay its $150 million term loan under its credit facility and to use the remaining proceeds for general corporate purposes.

The joint book-running managers for the offering are Banc of America Securities LLC and Credit Suisse First Boston LLC. Copies of the final prospectus relating to the offering may be obtained from Banc of America Securities LLC, 9 West 57th Street, New York, New York 10019 or Credit Suisse First Boston LLC, 11 Madison Avenue, Level 1B, New York, New York 10010.

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