Primus Guaranty Announces Bond Buyback Program for 7% Senior Notes
October 08 2008 - 5:36PM
Business Wire
Primus Guaranty, Ltd. (NYSE:PRS) announced today that its Board of
Directors has authorized the use of up to $10 million of available
cash to repurchase the company's 7% senior notes due 2036
(NYSE:PRD), from time to time in the open market or in privately
negotiated transactions at prices and upon terms approved by
management. About Primus Guaranty Primus Guaranty, Ltd. is a
Bermuda company, with its principal operating subsidiaries, Primus
Financial Products, LLC and Primus Asset Management, Inc.,
headquartered in New York City. Primus Financial Products offers
protection against the risk of default on corporate, sovereign and
asset-backed security obligations through the sale of credit swaps
to dealers and banks. Primus Asset Management provides credit
portfolio management services to Primus Financial Products, and
manages private investment vehicles, including two collateralized
loan obligations and three synthetic collateralized swap
obligations for third parties. Safe Harbor Statement Some of the
statements included in this press release and other statements
Primus Guaranty may make, particularly those anticipating future
financial performance, business prospects, growth and operating
strategies, market performance, valuations and similar matters, are
forward-looking statements that involve a number of assumptions,
risks and uncertainties, which change over time. For those
statements, Primus Guaranty claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Any such statements speak
only as of the date they are made, and Primus Guaranty assumes no
duty to, and does not undertake to, update any forward-looking
statements. Actual results could differ materially from those
anticipated in forward-looking statements, and future results could
differ materially from historical performance. For a discussion of
the factors that could affect the company's actual results please
refer to the risk factors identified from time to time in the
company's SEC reports, including, but not limited to, Primus
Guaranty's Annual Report on Form 10-K, as filed with the U.S.
Securities and Exchange Commission.
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