PartnerRe Finance B, a subsidiary of PartnerRe, has completed its offering of $500 million aggregate principal amount of 4.500 percent fixed rate reset junior subordinated notes, due 2050.
The notes are unsecured junior subordinated obligations of Finance B and are fully and unconditionally guaranteed by PartnerRe on an unsecured junior subordinated basis.
PartnerRe will use the proceeds for general corporate purposes, including to redeem its outstanding 5.875 percent series F non‑cumulative preferred shares, and to repay other debts.
PartnerRe also announced that it expects to redeem all of its outstanding series F preferred shares on October 22, 2020, for $25 per share, plus an amount equal to the portion of the quarterly dividend attributable to the current dividend period. From October 22 the series F preferred shares will cease to be entitled to dividends, except to the extent provided in their certification of designation.