CAPITAL RE CORPORATION FILES INITIAL PUBLIC OFFERING OF 5,500,000 SHARES OF COMMON STOCK
CAPITAL RE CORPORATION FILES INITIAL PUBLIC OFFERING OF
5,500,000 SHARES OF COMMON STOCK
NEW YORK, March 12 /PRNewswire/ -- Capital Re Corporation, a holding company for Capital Reinsurance Company, announced today that it has filed a registration statement with the Securities and Exchange Commission for an initial public offering of 5,500,000 shares of common stock. It is anticipated that the initial public offering price will be between $18 and $21 per share. Of the 5,500,000 shares of common stock to be offered, 4,400,000 shares will be offered in the United States and 1,100,000 shares will be offered in a concurrent international offering outside the United States. Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated will be co-managers of the U.S. offering and Goldman Sachs International and Alex. Brown & Sons Incorporated will be co-managers of the international offering.
Of the 5,500,000 shares of common stock to be offered, 2,900,000 shares will be sold by the company and 2,600,000 shares will be sold by certain selling stockholders of the company. The net proceeds from the company's shares will be used to increase the capital of the company's subsidiary, Capital Reinsurance Company, and for general corporate purposes.
Capital Re Corporation, headquartered in New York City, is a holding company which, through Capital Reinsurance Company, is a AAA-rated professional reinsurance company dedicated to serving the U.S. domestic and international financial guaranty insurance markets. Capital Re has established itself as a leading specialty reinsurer of financial guaranties of investment grade debt obligations, concentrating on municipal bond insurance.
/CONTACT: Catherine C. Bailey of Capital Re, 212-974-0100/ CO: Capital Reinsurance Company ST: New York IN: INS SU: OFR SM -- NY031 -- 7711 03/12/92 10:47 EST