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PartnerRE to Redeem 3 Preferred Issue

As mentioned by LarryL insurer PartnerRE (not traded) has called 3 issues of preferred stock today.

The company, which is now a non-public company, has called their PRE-G 6.50% issue, the PRE-H 7.25% issue and the PRE-I 5.875% issue. Calls are effective 5/3/2021.

This leaves only the newer PRE-J 4.875% issue outstanding.

A call on these issues had been expected and thus no loss of magnitude will be realized on the call.

10 thoughts on “PartnerRE to Redeem 3 Preferred Issue”

  1. So, if a company is owned by the stockholders, but all the stock is preferreds, and the company calls all the preferreds, then who owns the company?

    1. Non-public just means the common shares don’t trade in the public markets. There are still common shares, though.

  2. This was cruel. I had been hiding out in the Series I hoping I would be spared. Nah.

  3. As a long term holder of the I issuance I’ll be looking for similarly safe ideas for qualified 5.875% payers!

  4. Tim,
    I believe that the call was formally noticed April 1 (i.e., not less than 30 days before redemption date). Nevertheless, such reminders never hurt (unlike the call announcement itself).

    1. If it was formerly announced, I missed it, so happy to know now. Unhappy that they are actually doing it. I was hoping they would only call the H issue, based on their public announcements. I guess they are cash rich if they are calling G, H and I!

    2. I think the call on I, g, and h happened March 20th. You can see the downward spikes on that date. I booked the May 3rd date into my calendar last week though. So I’m not sure either. It was one of those hold till redeemed calls for me anyway for ‘technical’ reasons lol

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