RenRe sets offering price
Bermudian-based RenaissanceRe Holdings Ltd has announced the pricing of an underwritten public offering of 6.3 million of its common shares at $192 per share, before underwriting discounts and commissions.
The offering is expected to close on Friday, subject to customary closing conditions.
The company said it intends to use the net proceeds from this offering to fund a portion of the cash consideration for the announced acquisition of certain subsidiaries of American International Group Inc, including Validus Holdings Ltd, Validus Specialty LLC and Validus Reinsurance Ltd, to pay related costs and expenses, and for general corporate purposes.
Morgan Stanley is acting as lead active book runner and Goldman Sachs & Co LLC is acting as active book runner in the offering.
The underwriters will have the option to purchase up to an aggregate of 945,000 additional common shares from the company.
If all shares on offer are purchased, the offering will raise a shade over $1.39 billion.
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
