WASHINGTON (Reuters) ? Bermuda-registered Primus Guaranty Ltd., which sells credit protection to commercial and investment banks, has set its planned initial public offering at 10.3 million shares for between $13.50 to $15.50 per share.

The Bermuda-based company said in an amended offering document filed with the US Securities and Exchange Commission that it will sell 9.1 million shares and shareholders plan to sell 1.2 million shares.

Primus, which has applied to list its stock on the New York Stock Exchange under the symbol ?PRS?, disclosed the details for the first time since filing an IPO document with the SEC in April. The IPO is expected to take place at the end of the month. Selling shareholders include insurer XL Capital Ltd. and Transamerica Life Insurance, a unit of Dutch insurer Aegon NV. XL will have a 34.6-percent stake after the IPO, according to the filing.

Transamerica will hold 13 percent and mortgage insurer Radian Group Inc. will have a 11.1-percent stake after the offering, the amended prospectus shows.

The underwriters, led by Lehman Brothers and Morgan Stanley, will have the option to buy another 1.6 million shares to cover over-allotments, the company said in the document.

UBS Investment Bank, William Blair & Co. and Keefe, Bruyette & Woods will assist as underwriters handling the offering. Under the proposed terms, Primus could raise as much as $141 million in proceeds. It said it will not receive any proceeds from the sale of shares by holders.