|[February 11, 2013]
PartnerRe to Issue 10 Million Shares ($250 Million) of 5.875% Non-Cumulative Redeemable Preferred Shares
PEMBROKE, Bermuda --(Business Wire)--
PartnerRe Ltd. (NYSE: PRE) today announced that it has priced an
offering of 5.875% Series F Non-Cumulative Redeemable Preferred Shares
(the "Series F preferred shares"). The offering is expected to close on
February 14, 2013, subject to customary closing conditions.
In the offering, PartnerRe expects to issue 10 million shares ($250
million) of Series F preferred shares. PartnerRe intends to apply for
listing of the Series F preferred shares on the New York Stock Exchange.
If the application is approved, trading is expected to begin within 30
days of issuance under the symbol "PRE PrF". The Series F preferred
shares will pay dividends, when, as and if declared, at an annual
dividend rate of 5.875% and will have a liquidation preference and
redemption value of $25.00 per share. The Company may redeem these
shares at any time on or after March 1, 2018.
The Company intends to use the net proceeds of the offering, together
with available cash, for the redemption of $290 million aggregate
liquidation value of the Company's outstanding Series C Cumulative
Redeemable Preferred Shares.
UBS Securities LLC, Citigroup Global Markets, Inc., Credit Suisse
Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated
and Wells Fargo (News - Alert) Securities, LLC acted as joint book-running managers for
the offering. Senior co-managers were Barclays Capital Inc. and RBC
Capital Markets, LLC, and co-managers were HSBC Securities (USA) Inc.
and J.P. Morgan Securities LLC.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these or any other securities,
nor will there be any sale of these or any other securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securites
laws of any such state or jurisdiction.
The offering of Series F preferred shares is being made pursuant to the
Company's shelf registration statement filed with the United States
Securities and Exchange Commission ("SEC (News - Alert)") and will be made only by
means of a prospectus supplement and accompanying base prospectus,
copies of which may be obtained from UBS Securities LLC, Attention:
Prospectus Department, 299 Park Avenue, New York, New York, 10171,
toll-free at 1-877-827-6444 (ext 561 3884), Citigroup Global Markets
Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, toll-free at 1-800-831-9146, Credit Suisse
Securities (USA) LLC Attention: Prospectus Department, One Madison
Avenue, New York, New York, 10010, toll-free at 1-800-221-1037, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th Floor,
New York, New York 10038, toll-free at 1-800-294-1322 or Wells Fargo
Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North
Carolina 28262, toll-free at 1-800-326-5897. You may also obtain these
documents for free when they are available by visiting EDGAR on the SEC
web site at www.sec.gov.
PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets 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 in its Non-life operations, mortality, longevity and
accident and health in its Life operations, and alternative risk
products. For the year ended December 31, 2012, total revenues were $5.6
billion. At December 31, 2012, total assets were $23.0 billion, total
capital was $7.7 billion and total shareholders' equity was $6.9 billion.
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, credit,
interest, currency and other risks associated with the Company's
investment portfolio, adequacy of reserves, levels and pricing of new
and renewal business achieved, changes in accounting policies, risks
associated with implementing business strategies, 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
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