Montpelier Re Holdings Ltd., a provider of reinsurance and other specialty lines, said Wednesday that it priced its offering of $300 million of senior notes due 2022.
The Bermuda-based company said the notes, which are due Oct. 15, 2022, will have an interest rate of 4.7 percent per year and will be issued at 99.682 percent of par value. The offering is expected to close on Friday.
Montpelier plans to use the offering to redeem its outstanding 6.125 percent senior notes due 2013 and for general corporate purposes.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are joint underwriters.
Montpelier shares rose 24 cents to $22.72 in afternoon trading.