PEMBROKE, Bermuda, May 22 /PRNewswire-FirstCall/ -- PartnerRe Ltd. (NYSE: PRE) today announced that it intends to issue, through its indirectly wholly-owned subsidiary PartnerRe Finance A LLC, $250 million of 10-year fixed rate 6.875% Senior Notes, pursuant to its currently effective shelf registration statement. The Senior Notes will be fully and unconditionally guaranteed by PartnerRe Ltd.
PartnerRe intends to use a portion of the proceeds from the offering to repay all of the $220 million of third-party bank debt owed by PartnerRe U.S. Holdings Corporation, due in December 2008. Any remaining proceeds will be used 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 http://www.sec.gov. Alternatively, Credit Suisse Securities (USA) LLC will arrange to send you the prospectus upon request by contacting the Credit Suisse Prospectus Department located at One Madison Avenue, New York, NY 10010 (tel.: 1-800-221-1037), or, you may obtain the prospectus from Wachovia Capital Markets, LLC by calling 1-800-326-5897.
PartnerRe Ltd. 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, multiline and other lines, life/annuity and health, and alternative risk products. For the year ended December 31, 2007, total revenues were $4.2 billion. At March 31, 2008, total assets were $17.3 billion, total capital was $5.3 billion and total shareholders' equity was $4.5 billion.
PartnerRe on the Internet: http://www.partnerre.com
Forward-looking statements contained in this press release are based on
the Company's assumptions and expectations concerning future events and
financial performance and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such statements
are subject to significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially from
those reflected in the forward-looking statements. PartnerRe's
forward-looking statements could be affected by numerous foreseeable and
unforeseeable events and developments such as exposure to catastrophe, or
other large property and casualty losses, adequacy of reserves, risks
associated with implementing business strategies, levels and pricing of new
and renewal business achieved, credit, interest, currency and other risks
associated with the Company's investment portfolio, changes in accounting
policies, and other factors identified in the Company's filings with the
Securities and Exchange Commission. In light of the significant
uncertainties inherent in the forward- looking information contained
herein, readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the dates on which they
are made. The Company disclaims any obligation to publicly update or revise
any forward-looking information or statements.
Investor Contact: Robin Sidders, Investor Relations
Media Contact: Celia Powell, Corporate Communications
Drew Brown/Jane Simmons
|SOURCE PartnerRe Ltd.|
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