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Matheson Advises PartnerRe on its Debut EUR 750 Million Eurobond Offering

AUTHOR(S): Alan Keating
PRACTICE AREA GROUP: Tax, Structured Finance and Derivatives, Listings
DATE: 28.09.2016

Matheson advised PartnerRe Ltd. on its debut EUR 750 million Eurobond offering, which closed on 15 September 2016.  The EUR 750 million 1.25% Guaranteed Notes due 15 September 2026 (the “Notes”) were issued by PartnerRe Ireland Finance DAC and are guaranteed by PartnerRe Ltd.  The Notes were listed on the Main Securities Market of the Irish Stock Exchange and Matheson also acted as Irish listing agent.

PartnerRe intends to use the net proceeds of issuance of the Notes for general corporate purposes, including the redemption of certain preferred shares and refinancing of a US $250 million bond at 6.875% due in 2018.

The successful Eurobond offering, which collected orders in excess of EUR 3 billion, represents the first issuance ever of a Bermuda insurer and reinsurer in the Euro-denominated bond market.

The Matheson team advising PartnerRe was led by New York based Alan Keating, a Partner in the firm’s Structured Finance and Derivatives Group.

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