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PartnerRe Prices Series C Preferred Share Offering
In connection with this offering, PartnerRe expects to issue $260 million of Series C Cumulative Redeemable Preferred shares. In addition, the Company has granted the underwriters a 30 day overallotment option for the issuance of up to 15% of the Offering. The Series C shares, which will trade on the New York Stock Exchange under the symbol "PRE PrC" will have an annual dividend yield of 6.75% and a redemption value of $25.00 per share. The Company may redeem these shares at any time after the five-year anniversary of the date on which the offering closes.
The Company intends to use $250 million of the net proceeds of the offering to redeem the outstanding PartnerRe Ltd. 8% Series A Cumulative Preferred Shares. Upon closing of the Series C offering the Company expects to issue a formal call notice for all outstanding 8% Series A Cumulative Preferred Shares at their liquidation value of $25.00 plus accrued dividends. While the redemption of the Series A Cumulative Preferred Shares will have no impact on the net income of the Company for the second quarter, it will result in a $7.8 million reduction to the net income amount used in the calculation of earnings per share available to common shareholders. The $7.8 million represents the difference between the aggregate liquidation value and the carrying value of the Series A Cumulative Preferred Shares.