Bermuda’s RenaissanceRe Holdings Ltd. announced an offering to sell $100 million in 10-year senior notes. It expects to use the net proceeds for general corporate purposes.
The company indicated that it had originally filed a shelf registration statement relating to this offering with the U.S. Securities and Exchange Commission on February 5, 2002, which has since been declared effective. “This offering will be made pursuant to a prospectus supplement to the shelf registration statement on file with the SEC,” said the bulletin. It added “Banc of America Securities LLC will serve as sole book runner and joint lead manager with Salomon Smith Barney Inc. for the offering.”
Ren Re also announced that it “currently intends to offer, subject to market conditions and other factors, $100 million of perpetual preference shares shortly after the issuance of the senior notes.” It indicated that “as of this date, the price, timing and other terms of the preference share offering have not yet been finalized, and there can be no assurance that RenaissanceRe will proceed with the preference share offering or whether such offering will be consummated.”
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