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PartnerRe Ltd, 7.25% Series E Cumulative Redeemable Preferred Shares
Ticker Symbol: PRE-E* CUSIP: G68603508 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/01/2016
Security has been Called for: Tuesday, November 1, 2016
September 30, 2016 - Additionally, PartnerRe Ltd. announced that the Company will redeem all of its outstanding 6.50% Series D Cumulative Preferred Shares and 7.25% Series E Cumulative Preferred Shares on November 1, 2016, in each case at a redemption price of $25 per share, plus accrued and unpaid dividends. Payment of the redemption price will be made upon presentation and surrender of the Series D&E Preferred Shares to Computershare Shareowner Services, Redemption Agent, by mail or by overnight delivery to 250 Royall Street, Canton MA 02021, Attention: Corporate Actions; PartnerRe Redemption. ____________ On April 29, 2016, PartnerRe Ltd.announced the expiration of the offers to exchange any and all of the Company’s outstanding 6.50% Series D Cumulative Redeemable Preferred Shares for the Company’s 6.50% Series G Cumulative Redeemable Preferred Shares,, any and all of the Company’s outstanding 7.25% Series E Cumulative Redeemable Preferred Shares, for the Company’s 7.25% Series H Cumulative Redeemable Preferred Shares, and any and all of the Company’s outstanding 5.875% Series F Non-Cumulative Redeemable Preferred Shares, for the Company’s 5.875% Series I Non-Cumulative Redeemable Preferred Shares,. Pursuant to the exchange offers, 6,415,264 Series D Preferred Shares, 11,753,798 Series E Preferred Shares and 7,320,574 Series F Preferred Shares were validly tendered and accepted for exchange by the Company and the Company issued 6,415,264 Series G Preferred Shares, 11,753,798 Series H Preferred Shares and 7,320,574 Series I Preferred Shares. Following the exchange offer, 2,784,736 Series D Preferred Shares, 3,196,202 Series E Preferred Shares and 2,679,426 Series F Preferred Shares remain outstanding. ____________ 02/17/2016 -- PartnerRe Ltd. today announced that the holders of its preferred shares will receive a cash payment of approximately $42.7 million, in the aggregate (equal to $1.25 per preferred share), in connection with the previously announced merger agreement with EXOR. This payment will be made to preferred shareholders of record, subject and subsequent to the closing of the transaction, which is expected to occur in the current fiscal quarter. As part of the merger agreement, EXOR had previously announced enhanced terms for PartnerRe’s preferred shares, to be effected through an exchange offer, amounting to a 100 basis point increase in the current dividend rate and an extended redemption date, contingent upon the receipt by PartnerRe of a private letter ruling from the United States Internal Revenue Service (IRS) as to the tax shelter reporting obligations of such enhanced preferred shares. The Company said a request was made to the IRS for the ruling. On February 16, 2016, the IRS indicated that it will not grant such a ruling. As a result, and under the terms of the merger agreement, EXOR will, in lieu of a 100 basis point increase in the current dividend rate, make a cash payment to PartnerRe preferred shareholders of record on the closing date totaling approximately $42.7 million. Following the closing, the Company will use commercially reasonable efforts to launch an exchange offer, referred to as the Alternate Exchange Offer in the merger agreement, whereby existing preferred shares could be exchanged for new preferred shares with an extended redemption date. For a more detailed discussion on this topic and the U.S. federal income tax treatment of the cash payment and the Alternate Exchange Offer, preferred shareholders of PartnerRe are encouraged to read the relevant sections of PartnerRe’s definitive proxy statement dated September 25, 2015 and consult their tax advisors regarding U.S. federal income tax consequences of the receipt of the cash payment and the Alternate Exchange Offer.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: PartnerRe Ltd, 7.25% Series E Cumulative Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/1/2016 at $25 per share per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.25% ($1.8125) per annum are paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date which is the 10th calendar day prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-23 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (PRE*)
IPO - 6/9/2011 - 13.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: PRQTF Changed: 6/15/2011
Market Value $325.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Foreign Address and Phone Numbers |
Address: 90 Pitts Bay Road, Pembroke HM08, Bermuda |
Main Phone Number |
441-292-0888 |
Fax Number |
441-292-7010 |
Inv Rel Phone Number
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441-292-0888 |
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