Insurance company PartnerRE (not publicly traded) has priced their previously announced preferred stock.
The company has priced 8 million shares with a coupon of 4.875%. The issue is investment grade with a BBB rating from Standard and Poor’s and Baa2 from Moody’s.
The issue is non-cumulative, but qualified for preferential tax treatment.
Shares will trade immediately under the temporary OTC grey market ticker PTNPF.
The pricing term sheet can be read here.
2 thoughts on “PartnerRE LTD Prices New Preferred Issue”
Correction: 1st call date is 3/15/2026 (not 3/15/2021).
Note that they do have several conditions that allow them to redeem before this date. The pricing sheet lists these.
4.875 – as always lately, great for them, ouch for us!