Bermudian-based RenaissanceRe Holdings Ltd has announced that its joint venture, DaVinciRe Holdings Ltd, has agreed to sell in a private debt offering $300 million aggregate principal amount of 5.95 per cent senior notes due in 2035.

The offering is expected to close on or about March 5, subject to the satisfaction of customary closing conditions.

RenRe said DaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of DaVinci’s 4.75 per cent senior notes due in 2025.

RenRe said it and DaVinci expect the senior notes to be rated Baa1 by Moody’s Investors Service and A- by Standard & Poor’s.