PEMBROKE, Bermuda--(BUSINESS WIRE)--May. 20, 2013--
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today it has agreed to
sell in an underwritten public offering $275 million aggregate
liquidation preference of its 5.375% Series E Preference Shares, or 11
million shares, with a liquidation preference of $25 per share.
RenaissanceRe currently expects to consummate the sale to the
underwriters on May 28, 2013, subject to customary closing conditions.
RenaissanceRe anticipates using the net proceeds from the offering to
redeem all of its outstanding 6.60% Series D Preference Shares and the
remaining net proceeds to redeem, in whole or in part, its outstanding
6.08% Series C Preference Shares. We have granted the underwriters the
option to purchase 1.65 million additional 5.375% Series E Preference
Shares, representing $41.25 million aggregate liquidation preference,
within 30 days to cover over-allotments, if any.
Dividends on the Series E Preferred Shares will be payable on a
non-cumulative basis only when, as and if declared by the Company’s
board of directors at a rate equal to 5.375% of the liquidation
preference per annum. RenaissanceRe may redeem all or a portion of the
Series E Preference Shares at a redemption price of $25 per share on or
after June 1, 2018. RenaissanceRe intends to have the Series E
Preference Shares listed on the New York Stock Exchange under the symbol
“RNRPRE.”
Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Merrill
Lynch, Pierce, Fenner & Smith Incorporated are serving as joint
book-running managers for the offering. A shelf registration statement
relating to the offering was originally filed with the U.S. Securities
and Exchange Commission on June 11, 2010 and was effective upon filing.
The offering will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective shelf
registration statement.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which the offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of that state. The offering may be made only by means of a
preliminary prospectus supplement and accompanying prospectus. Copies of
the preliminary prospectus, the final prospectus, when available, and
the accompanying prospectus relating to the offering may be obtained
from Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675,
Charlotte, NC 28262, Attention: Capital Markets Client Support, cmclientsupport@wellsfargo.com,
1-800-326-5897; Citigroup Global Markets Inc., c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-800-831-9146;
or Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway 11th
Floor, New York, NY 10038, Dg.prospectus_requests@baml.com,
1-800-294-1322.
This press release does not constitute a notice of redemption or an
obligation to issue a notice of redemption.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of two segments: (1)
Reinsurance, which includes catastrophe reinsurance, specialty
reinsurance and certain property catastrophe and specialty joint
ventures managed by the Company’s ventures unit and (2) 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 news
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 Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
year ended December 31, 2012 and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2013.
Source: RenaissanceRe Holdings Ltd.
Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
or
Kekst
and Company
Peter Hill or Dawn Dover, 212-521-4800