PartnerRe €750 million eurobond issue

Overview:

• PartnerRe (through its Irish subsidiary) has undertaken a €750 million eurobond issue.
• The 10-year bond has a fixed rate of 1.25% and the issuer intends to use the proceeds of the offering to redeem Series D 6.5% and Series E 7.25% preferred shares, refinance a $250 million bond at 6.875% due in 2018, and for general corporate purposes.
• The deal represents the first ever issue of eurobonds by a Bermuda insurer and reinsurer.
• BNP Paribas, Deutsche Bank and Merrill Lynch acted as joint bookrunners.
• Debevoise & Plimpton (James Scoville, Vera Losonci) advised the issuer alongside Matheson (Alan Keating) as Irish counsel.
• Appleby (Brad Adderley) advised PartnerRe as guarantor as Bermuda counsel.
• Allen & Overy (Craig Byrne, Cristiano Tommasi) advised the joint bookrunners.

Sam Duke - Editor