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BSX Approves Listing of Tramline Re Ltd. Principal-at-Risk Variable Rate Program & Note – Due January 8, 2015
Hamilton, Bermuda: 22nd December 2011 – The Bermuda Stock Exchange (BSX) today announced the approval of the listing of Tramline Re Ltd. Principal-at-Risk Variable Rate Program and the Series 2011-1, Class A Principal-at-Risk Notes– due January 8, 2015 (the Notes) issued pursuant to the Program under the Exchange’s Restricted Marketing provisions for Qualified Investors and Section V of the BSX Listing Regulations pertaining to International Issuers of Insurance Related Securities, effective 22nd, December 2011.
Tramline Re Ltd., the Issuer, is a Special Purpose Insurer formed pursuant to the Bermuda Insurance Act, 1978, as amended. Tramline Re Ltd. was incorporated in Bermuda as an exempted company on November 9th, 2011 and has its registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda.
The purpose of the Offering of the Notes is to obtain capital to deposit into the Collateral Account to provide the Issuer with funds to support its obligations under the Risk Transfer Contract with the Risk Transfer Counterparty.
The $150,000,000 Series 2011-1, Class A Principal-at-Risk Variable Rate Notes due January 8, 2015 are exposed to loss events, as specified in the offering circular and the offering circular supplement. The Notes are also subject to extension at the election of the Risk Transfer Counterparty, as described in the offering circular supplement.
The Risk Transfer Counterparty is Amlin AG.
Capital G BSX Services Limited sponsored the listing of the Tramline Re Ltd. Principal-at-Risk Variable Rate Program and the Notes.
James McKirdy, Chief Compliance Officer of the BSX stated, “We are delighted to welcome Tramline Re Ltd. Principal-at-Risk Variable Rate Program and the Notes to the Official List of the BSX. The BSX Listing Regulations for International Issuers of Insurance Related Securities are specifically designed to facilitate the listing of Notes that are offered to institutional and sophisticated Qualified Investors”. Mr. McKirdy continued, “We are extremely pleased to be working with Tramline Re Ltd. Insurance Related Securities listed on the BSX now total in excess of $3 billion.”
Alex Conyers of Capital G BSX Services Limited noted, “It has been a pleasure to assist in bringing another listing of this type to the Bermuda Stock Exchange. The co-operation and assistance of the BSX Officers again made it a very smooth exercise.”
For further information on the Tramline Re Ltd. Principal-at-Risk Variable Rate Note Program please contact Mr. Charles Collis at 441-295-1422 or by email at charles.collis@conyersdill.com or Mrs. Gemma Carreiro at 441-298-7827 or by email at gemma.carreiro@conyersdill.com.