PEMBROKE, Bermuda--(BUSINESS WIRE)--Mar. 19, 2015--
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that its
subsidiary, RenaissanceRe Finance Inc., has agreed to sell in an
underwritten public offering $300 million aggregate principal amount of
3.700% Senior Notes due 2025. The notes are guaranteed by RenaissanceRe
Holdings Ltd. The Company expects to close the offering on or about
March 24, 2015, subject to customary closing conditions.
RenaissanceRe Holdings Ltd. intends to use the net proceeds from the
offering to repay the $300 million term loan which was put in place to
finance a portion of the cash consideration payable by RenaissanceRe in
the acquisition of Platinum Underwriters Holdings, Ltd. We expect the
senior notes to be rated A3 by Moody’s Investors Service and A by
Standard & Poor’s.
Morgan Stanley & Co. LLC and Barclays Capital Inc. served as joint
book-running managers; Wells Fargo Securities, LLC and Citigroup Global
Markets Inc. served as joint lead managers; and HSBC Securities (USA)
Inc. served as a senior co-manager for the offering.
The notes are being offered pursuant to an effective shelf registration
statement that has been filed with the Securities and Exchange
Commission (“the SEC”). This press release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any sale
of securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Any offer, or solicitation to buy, if at all, will be made
solely by means of a prospectus and related prospectus supplement filed
with the SEC. You may obtain these documents without charge from the SEC
Alternatively, you may request copies of these materials from the joint
book-running managers by contacting Morgan Stanley & Co. LLC at
1-866-718-1649 or Barclays Capital Inc. at 1-888-603-5847.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of three reportable segments:
(1) Catastrophe Reinsurance, which includes catastrophe reinsurance and
certain property catastrophe joint ventures managed by the Company’s
ventures unit; (2) Specialty Reinsurance, which includes specialty
reinsurance and certain specialty joint ventures managed by the
Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and
insurance business written through RenaissanceRe Syndicate 1458.
Cautionary Statement under "Safe Harbor” Provisions of the Private
Securities Litigation Reform Act of 1995: Statements made in this press
release contain information about the Company's future business
prospects. These statements may be considered "forward-looking." These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in or implied
by such forward-looking statements. For further information regarding
cautionary statements and factors affecting future results, please refer
to RenaissanceRe Holdings Ltd.’s filings with the SEC, including its
Annual Report on Form 10-K for the year ended December 31, 2014.
Source: RenaissanceRe Holdings Ltd.
RenaissanceRe Holdings Ltd.
Director – Corporate Finance
Kekst and Company
Peter Hill / Dawn Dover,