By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, July 7 – RenaissanceRe Holdings Ltd. priced $500 million of 4.2% $25-par series G perpetual preference shares (Baa2/BBB) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
Price talk was in the 4.375% to 4.5% area, according to a market source.
Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Securities LLC are the joint bookrunners.
Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. are the joint lead managers.
The preference shares will be callable beginning July 15, 2026 at par. They are callable prior to the call period only in the event of a change in Bermuda law, a tax event or the occurrence of a capital redemption trigger date.
Dividends will be payable each March 1, June 1, Sept. 1 and Dec. 1, beginning Sept. 1, 2021.
RenaissanceRe plans to use the proceeds for working capital, capital expenditures, acquisitions and other general corporate purposes.
The company intends to list the notes on the New York Stock Exchange under the symbol “RNRPrG.”
RenaissanceRe is a Bermuda-based insurance provider.
| Issuer: | RenaissanceRe Holdings Ltd.
|
| Description: | Series G preference shares
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Securities LLC
|
| Lead managers: | Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
|
| Co-managers: | BMO Capital Markets Corp. and Credit Suisse Securities (USA) LLC
|
| Dividend: | 4.2%
|
| Price: | Par of $25.00
|
| Yield: | 4.2%
|
| Call: | On or after July 15, 2026 at par; before then, following a “tax event” or within 90 days of a “capital redemption trigger date”
|
| Trade date: | July 7
|
| Settlement date: | July 12
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 4.375% to 4.5% area
|
| Listing: | NYSE: RNRPrG
|
|
|
|
|
© 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.
