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Montpelier Re prices offering to sell notes.
(From Insurance Day)
Byline: Symon Ross
BERMUDIAN Montpelier Re has priced an offering to sell $250m of senior notes due in August, 2013.
The company intends to use the proceeds from the senior notes, which will bear interest at 6.125% a year, for general corporate purposes and to repay its $150m term loan under its credit facility.
AM Best has given the notes its "bbb" senior debt rating, saying that it reflected Montpelier Re's "excellent capitalisation" and superior operating results since the company was founded.
Standard & Poor's (S&P) meanwhile has assigned its 'BBB' senior debt to the notes offering, based on the reinsurer's market position and scale within the Bermudian market.
Separately, Montpelier Re has received an A- ...
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