Filed
pursuant to Rule 433
Registration
Nos. 333-158531 and 333-158531-05
TERM
SHEET
PartnerRe
Finance B LLC
5.500%
SENIOR NOTES DUE 2020
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Issuer:
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PartnerRe
Finance B LLC
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Guarantor:
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PartnerRe
Ltd.
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Securities:
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5.500%
Senior Notes due 2020
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Legal
Format:
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SEC
Registered
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Amount:
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$500,000,000
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Ratings(1):
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Moody’s
Investors Service: A2 (stable)
Standard
& Poor’s: A (negative)
Fitch:
A+ (negative)
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Trade
Date:
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March
10, 2010
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Settlement
Date:
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March
15, 2010 (T+3)
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Maturity
Date:
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June
1, 2020
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Reference
Treasury:
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3.625%
due February 15, 2020
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Reference
Treasury Yield:
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3.716%
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Reoffer
Spread to Treasury:
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+180
bps
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Reoffer
Yield:
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5.516%
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Coupon:
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5.500%
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Denominations:
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$2,000
and multiples of $1,000
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Interest
Payment Dates:
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Semi-annually
in arrears on June 1 and December 1, beginning on June 1,
2010
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Price
to Public:
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99.885%
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Price
to Issuer:
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99.235%
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Make-Whole
Call:
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Treasury
plus 30 basis points
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CUSIP:
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70213BAA9
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Book
Running Managers:
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Banc
of America Securities LLC
Barclays
Capital Inc.
Credit
Suisse Securities (USA) LLC
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Co-Managers:
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J.P.
Morgan Securities Inc.
HSBC
Securities (USA) Inc.
Deutsche
Bank Securities Inc.
Wells
Fargo Securities, LLC
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(1) An
explanation of the significance of ratings may be obtained from the rating
agencies. Generally, rating agencies base their ratings on such material and
information, and such of their own investigations, studies and assumptions, as
they deem appropriate. The rating of the notes should be evaluated independently
from similar ratings of other securities. A credit rating of a security is not a
recommendation to buy, sell or hold securities and may be subject to review,
revision, suspension, reduction or withdrawal at any time by the assigning
rating agency.
The
issuer has filed a registration statement, including a prospectus, with the SEC
for the offering to which this communication relates. Before you invest, you
should read the prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting EDGAR on the
SEC Web site at www.sec.gov. Alternatively, the Bookrunning Managers in the
offering will arrange to send you the prospectus if you request it by contacting
Banc of America Securities LLC toll-free at 1-800-294-1322, Barclays Capital
Inc. toll-free at 1-888-603-5847, or the Credit Suisse Prospectus Department
located at One Madison Avenue, New York, NY 10010
(telephone: 1-800-221-1037).
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