DaVinciRe Holdings Ltd., a joint venture of RenaissanceRe Holdings Ltd., announced today that it has agreed to sell $300 million aggregate principal amount of 5.950% Senior Notes due 2035 in a private debt offering. The offering is expected to close on or about March 5, 2025.
DaVinci intends to use the net proceeds from this offering for general corporate purposes, including the repayment of $150 million outstanding principal amount of its 4.750% Senior Notes due 2025. This move optimizes DaVinci's debt structure and provides capital for future operations.
The senior notes are expected to be rated Baa1 by Moody’s Investors Service and A- by Standard & Poor’s. While RenaissanceRe owns a noncontrolling economic interest, it consolidates DaVinci’s financial statements, making this a relevant development for the broader group's financial profile.
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