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Platinum Underwriters Holdings, Ltd. Completes Sale of Notes in Rule 144A Offering.

Publication: PR Newswire
Publication Date: 26-MAY-05
Format: Online
Delivery: Immediate Online Access

Article Excerpt
HAMILTON, Bermuda, May 26 /PRNewswire-FirstCall/ -- Platinum Underwriters Holdings, Ltd. today announced that it has completed its previously announced offering of $250 million aggregate principal amount of 7.50% notes due 2017. The notes were issued by Platinum Underwriters Finance, Inc., a subsidiary of Platinum Underwriters Holdings, Ltd., and guaranteed by Platinum Underwriters Holdings, Ltd. Platinum Underwriters Holdings, Ltd. intends to use the net proceeds from the offering to increase the capital and surplus of Platinum Underwriters Bermuda, Ltd. and one or more of its other reinsurance company subsidiaries and for general corporate purposes.

The notes were sold only to qualified institutional buyers pursuant to Rule 144A under the...

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