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.
Was this article valuable?
Here are more articles you may enjoy.