PartnerRe Redeems Securities

Bermuda-based PartnerRe Ltd’s.investment vehicle, PartnerRe Capital Trust I, will call for the redemption of all of its outstanding 7.90 percent Capital Trust I Preferred Securities on December 21, 2006. The redemption price will be $25 per Preferred Security, plus accrued and unpaid dividends to December 20, 2006.

“On and after the redemption date, the Preferred Securities will no longer be deemed to be outstanding, dividends on the Preferred Securities will cease to accrue, and all rights of the holders of the Preferred Securities (including rights under the guarantees by PartnerRe Ltd. relating to the Preferred Securities) will cease, except for the right to receive the redemption price, without interest thereon, upon surrender of certificates representing the Preferred Securities,” said the announcement.
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It also noted that “as of today, 8,000,000, 7.90 percent Preferred Securities are outstanding. The notice of redemption and related materials will be mailed to registered holders of the Preferred Securities today. Questions relating to and requests for additional copies of, the notice of redemption and the related materials should be directed to the property trustee at The Bank of New York, 4 New York Plaza, 15th Floor, New York, NY 10004 (telephone: 1-800-275-2048).”

Topics Mergers & Acquisitions New York