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PartnerRe calls 6.875% notes, 6.5% preferreds, 7.25% preferreds
New York, Sept. 30 – PartnerRe Ltd. said it will redeem all of its $250 million of 6.875% senior notes due 2018 issued by PartnerRe Finance A LLC, its 6.5% series D cumulative preferred shares and its 7.25% series E cumulative preferred shares.
The notes will be repaid on Nov. 1 at a price of par plus a make-whole premium calculated using a rate of Treasuries plus 50 basis points.
PartnerRe will also pay accrued interest up to the redemption date.
Both series of preferreds will be redeemed on the same day, Nov. 1.
Holders will receive $25.00 per share plus accrued dividends.
The company previously said that it was considering the redemptions as a result of a review of its capital structure.
PartnerRe is a Pembroke, Bermuda, reinsurance company.
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