PEMBROKE, Bermuda--(BUSINESS WIRE)--PartnerRe Ltd. (“PartnerRe”) announced today that its subsidiary, PartnerRe Finance B LLC (“PRE Finance B”), has priced a registered public offering in the United States of $500 million aggregate principal amount of 3.700% Senior Notes due July 2, 2029 (the “Notes”). The Notes were priced at 99.783% of par. Closing of the offering of the Notes is expected to occur on June 19, 2019, subject to customary closing conditions. The Notes will be senior unsecured obligations of PRE Finance B and are fully and unconditionally guaranteed by PartnerRe.
PRE Finance B intends to use the net proceeds towards the redemption of its outstanding $500 million aggregate principal amount 5.500% Senior Notes due 2020.
Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. are the joint book-running managers for the offering. BMO Capital Markets Corp., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and nabSecurities, LLC are the co-managers for the offering.
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus.
PartnerRe has filed a registration statement (including a prospectus and a related preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and prospectus in that registration statement and other documents that PartnerRe has filed with the SEC for more complete information about PartnerRe and this offering. You may get these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov (http://www.sec.gov). Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus for the offering may be obtained by contacting Citigroup Global Markets Inc. toll-free at 1-800-831-9146, Credit Agricole Securities (USA) Inc. toll-free at 1-866-807-6030, Goldman Sachs & Co. LLC toll-free at 1-866-471-2526 or HSBC Securities (USA) Inc. toll-free at 1-866-811-8049.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of our management. Generally, forward-looking statements include information concerning possible or assumed future actions, events or our results of operations. Forward-looking statements are subject to significant business, economic and competitive risks and uncertainties that could cause actual results to differ, potentially materially, from those reflected in such forward-looking statements. Forward-looking statements are not guarantees of performance. We caution that undue reliance should not be placed on any forward-looking statements, which speak only as of the date of this press release. We do not undertake any duty or responsibility to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes. Additional factors that may affect future results and conditions are described in our filings with the SEC, including our Annual Report on Form 20-F for the year ended December 31, 2018.
PartnerRe Ltd. is a leading global reinsurer that helps insurance companies reduce their earnings volatility, strengthen their capital and grow their businesses through reinsurance solutions. Risks are underwritten on a worldwide basis through the Company’s three segments: P&C, Specialty, and Life and Health.