PXRE to tap the markets for $475m
PXRE Group Ltd today announced it would be raising $475m in new capital by way of a $100m common stock offering and a $375m private sale of preference shares. <The NYSE-listed Bermudian reinsurer said it has agreed to sell 375,000 of its series D perpetual preferred shares in a private placement to raise $360.5m net of expenses and in a separate announcement unveiled plans to issue $100m in new common shares.
PXRE says it expects to use the net proceeds of the fundraising to support the underwriting of reinsurance business during the January 1, 2006 renewal period and throughout the balance of 2006.Earlie
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