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PartnerRe Ltd. Completes Offering Of Series C Preferred Shares
In addition, on May 8, 2003, the underwriters exercised their option to purchase additional shares to cover over-allotments, which will result in the issuance of 1.2 million additional Series C Preferred Shares and additional net proceeds to the Company of $29.1 million.
PartnerRe Ltd. also announced that it will call for redemption all of its outstanding Series A Cumulative Preferred Shares on June 9, 2003. Separately, the Board of Directors declared a dividend for the period from June 1, 2003 to June 9, 2003 of $0.05 per 8% Series A Cumulative Preferred Share payable on June 9, 2003 to Series A Preferred shareholders of record on June 9, 2003. The redemption price will be $25 per Preferred Share, plus accrued and unpaid dividends, to and including, the redemption date. The dividends to be paid on June 2, 2003 to record holders on May 2, 2003 will be paid in the normal manner.
On and after the redemption date, the Preferred Shares will no longer be deemed to be outstanding, dividends on the Preferred Shares will cease to accrue, and all rights of the holders of the Preferred Shares will cease, except for the right to receive the redemption price, without interest thereon, upon surrender of certificates representing the Preferred Shares.
As of today, 10,000,000 Series A Preferred Shares were outstanding. The notice of redemption and related materials will be mailed to registered holders of the Preferred Shares today. The Preferred Shares are to be surrendered to Equiserve as exchange agent, by mail at the address set out in the letter of transmittal that will accompany the notice of redemption.
Questions relating to and requests for additional copies of, the notice of redemption and the related materials should be directed to the exchange agent at Equiserve, Post Office Box 43025, Mail Stop 45-02-80, Providence, RI 02940, (Telephone: (800)-526-5523).