By Andrea Heisinger
Omaha, May 22 - PartnerRe Finance A LLC priced $250 million 6.875% 10-year senior notes to yield 7%, according to an FWP Securities and Exchange Commission filing.
The notes (A2/A/A+) priced at 99.110 for a spread over Treasuries of 318.8 basis points.
There is a make-whole redemption at Treasuries plus 50 bps.
Bookrunners were Credit Suisse Securities and Wachovia Capital Markets.
Co-managers were Banc of America Securities LLC, Barclays Capital Inc. and UBS Investment Bank.
Proceeds will be lent to parent company PartnerRe U.S. Holdings to be used to repay $220 million of third party debt.
The reinsurance company is based in Greenwich, Conn.
Issuer: | PartnerRe Finance A LLC
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Issue: | Senior notes
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Amount: | $250 million
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Maturity: | June 1, 2018
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Coupon: | 6.875%
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Price: | 99.110
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Yield: | 7%
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Spread: | Treasuries plus 318.8 bps
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Call: | Make-whole at Treasuries plus 50 bps
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Trade date: | May 21
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Settlement date: | May 27
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Ratings: | Moody's: A2
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| Standard & Poor's: A
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| Fitch: A+
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