HAMILTON, Bermuda (AP) - Reinsurance provider PartnerRe Ltd. said on Monday it completed its tender offer to buy $250 million of 6.44 percent junior subordinated notes due 2066, and will buy about 75 percent worth of those notes.

PartnerRe said the deal reduces debt by $186.6 million and used $96.7 million of cash on hand.

A gain of $56.8 million will be reflected in Bermuda-based company's first-quarter results.

A total of $63.4 million in principal of the capital efficient notes remains outstanding and will mature in 2066.