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Conyers advised RenaissanceRe Holdings Ltd. on the underwritten public offering by its subsidiary, RenaissanceRe Finance Inc, of $300 million senior notes, 3.700% due 2025 and guaranteed by RenaissanceRe Holdings Ltd.
RenaissanceRe Holdings Ltd. intends to use the net proceeds from the offering to repay the $300 million term loan which was put in place to finance a portion of the cash consideration payable by RenaissanceRe in the acquisition of Platinum Underwriters Holdings, Ltd. The senior notes were expected to be rated A3 by Moody’s Investors Service and A by Standard & Poor’s.
The notes are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission .
Michael Frith and Carol Clarke from the Conyers Dill & Pearman Bermuda office advised on the matter.