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PartnerRe in $250mn debt issue

Bermudian-headquartered reinsurer PartnerRe Ltd is to issue $250mn in a bid to repay debt.

PartnerRe said it intends to use a portion of the proceeds from the offering, in the form of 10-year fixed rate 6.875 percent senior notes, to repay all of the $220mn of third-party bank debt owed by its holding company that is due in December.

Earlier this month PartnerRe announced two senior management changes to its non-US global operations.

Current deputy CEO Costas Miranthis will take over as CEO of PartnerRe Global from Bruno Meyenhofer in July.

Meyenhofer will take over the newly created role of chairman.

Both positions will report to Patrick Thiele, president and CEO of PartnerRe Ltd.

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