RenRe Finance unveils details of share sale
RenaissanceRe Holdings has announced that its subsidiary, RenaissanceRe Finance, has agreed to sell in an underwritten public offering $300 million aggregate principal amount of 3.450 percent Senior Notes due 2027.
The notes are guaranteed by RenaissanceRe. The company expects to close the offering on or about June 29, 2017, subject to the satisfaction of customary closing conditions.
RenaissanceRe said that it intends to use the net proceeds from the offering for general corporate purposes. It expects the senior notes to be rated A3 by Moody's Investors Service and A by Standard & Poor's.
Barclays Capital and Wells Fargo Securities, LLC served as joint book-running managers, whilst Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as joint lead managers; and BMO Capital Markets, HSBC Securities (USA) and Morgan Stanley served as senior co-managers for the offering.
