RenaissanceRe Announces $300 Million Senior Note Offering by Subsidiary

March 23, 2015

Willkie represents RenaissanceRe in public offering of senior notes.

Willkie client RenaissanceRe Ltd. announced on March 19 that its subsidiary, RenaissanceRe Finance Inc., has agreed to sell in an underwritten public offering $300 million aggregate principal amount of 3.700% Senior Notes due 2025. The notes are guaranteed by RenaissanceRe Holdings Ltd.

RenaissanceRe Holdings, Ltd. intends to use the proceeds to repay the $300 million term loan put in place to finance a portion of the consideration for RenaissanceRe’s acquisition of Platinum Underwriters Holdings, Ltd.

Willkie represented RenaissanceRe Ltd. and its subsidiary in this offering. The Willkie deal was led by partners Robert Stebbins and Leslie Mazza, and included associates Theodore Neos, Margaret McSpadden, Evan Goodman, Stephanie Moran and James Rosenthal. Others assisting included partner Henry Cohn and associate David Stauber.

The firm also represented RenaissanceRe Ltd. in its $1.9 billion acquisition of Platinum Underwriters Holdings, Ltd. completed in early March, described here. The firm’s industry-leading insurance practice has served as RenaissanceRe’s regular outside counsel since the company’s formation in 1993.