By James McCandless
San Antonio, June 11 – RenaissanceRe Holdings Ltd. priced $250 million of series F preference shares at par of $25, according to a press release.
Bank of America Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners.
The deal was announced Monday morning.
The preference shares will be callable after five years.
RenaissanceRe plans to use the proceeds for general corporate purposes.
The company intends to list the shares on the New York Stock Exchange under the symbol “RNRPrF.”
RenaissanceRe is a Bermuda-based insurance provider.
| Issuer: | RenaissanceRe Holdings Ltd.
|
| Description: | Series F preference shares
|
| Amount: | $250 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities
|
| Dividend: | 5.75%
|
| Price: | Par of $25
|
| Yield: | 5.75%
|
| Call: | On or after June 1, 2023 at par; before then, following a “tax event” or within 90 days of a “capital redemption trigger date”
|
| Trade date: | June 11
|
| Settlement date: | June 18
|
| Distribution: | SEC registered
|
| Listing: | NYSE: RNRPrF
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
