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PartnerRe Ltd. Prices $500 million in 5.50% Senior Notes due 2020
PEMBROKE, Bermuda – 11 March, 2010 - PartnerRe Ltd. (NYSE:PRE) announced that it has priced, through its indirectly wholly-owned subsidiary PartnerRe Finance B LLC, $500 million of 10-year fixed rate 5.50% Senior Notes, pursuant to its currently effective shelf registration statement. The Senior Notes will be fully and unconditionally guaranteed by PartnerRe Ltd. and will have a maturity of June 1, 2020.
PartnerRe intends to use the proceeds for general corporate purposes.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the Senior Notes or any other security. Any such offers, or solicitations to buy, will be made solely by means of a prospectus and related prospectus supplement filed with the Securities and Exchange Commission. You may get these documents for free by searching the SEC on-line database at www.sec.gov. Alternatively, the book running managers will arrange to send you the prospectus if you request it by contacting Banc of America Securities LLC toll-free at 1-800-294-1322; Barclays Capital Inc. toll-free at 1-888-603-5847; or the Credit Suisse Prospectus Department located at One Madison Avenue, New York, NY 10010 toll-free at 1-800-221-1037.
PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The Company through its wholly owned subsidiaries also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Risks reinsured include property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering, energy, marine, specialty property, specialty casualty, other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2009, total revenues were $5.4 billion, and at December 31, 2009 total assets were $23.7 billion, total capital was $8.0 billion and total shareholders' equity was $7.6 billion.
PartnerRe on the Internet: www.partnerre.com
Contacts:
PartnerRe Ltd: – Robin Sidders - (441) 292-0888
Citigate Sard Verbinnen & Co:
Drew Brown/Jane Simmons - (212) 687-8080