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Private debt offering by DaVinciRe Holdings Ltd., a joint venture of RenaissanceRe Holdings Ltd, of $150 million aggregate principal amount of 4.750% Senior Notes due 2025.
DaVinciRe Holdings Ltd. intends to use the net proceeds from the offering to repay a $100 million loan from RenaissanceRe Holdings Ltd., and to repurchase its shares or to otherwise retain the net proceeds for general corporate purposes.
The notes will not be registered under the Securities Act of 1933 or the securities law of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The notes were offered and will be sold in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
Michael Frith and Carol Clarke from the Conyers Dill & Pearman Bermuda office advised on the matter.