RenaissanceRe Announces $275 Million Public Offering of 5.375% Series E
PEMBROKE, Bermuda -- 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
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, firstname.lastname@example.org, 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,
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.
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
Kekst and Company
Peter Hill or Dawn Dover, 212-521-4800
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