Prospectus excerpt: PartnerRe Ltd. is offering 10,000,000 shares of its 5.875% Series F Non-Cumulative Redeemable Preferred Shares, which we refer to in this prospectus supplement as the ÙSeries F preferred shares.ˆ
The Series F preferred shares will not be redeemable before March 1, 2018, except in specified circumstances relating to certain capital disqualification or tax events. Beginning on March 1, 2018, PartnerRe Ltd. may redeem the Series F preferred shares, in whole at any time or in part from time to time, at $25.00 per share, plus an amount equal to the portion of the quarterly dividend attributable to the then-current dividend period to, but excluding, the redemption date.
Dividends on the Series F preferred shares are non-cumulative and are payable only when, as and if declared by our board of directors (or a duly authorized committee of the board) quarterly on the first day of March, June, September and December (each, a Ùdividend payment dateˆ), commencing June 1, 2013. If we have not declared a dividend before the dividend payment date for a dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series F preferred shares are declared for any future dividend period.
The Series F preferred shares will have no stated maturity and are not subject to any sinking fund or mandatory redemption and are not convertible into or exchangeable for any other securities.