News
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February 12, 2010
Primus Completes Portfolio Repositioning Transaction That Further Reduces Its Bespoke Tranche Exposure
Hamilton, Bermuda – February 12, 2010 – Primus Guaranty, Ltd. (NYSE:PRS) announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), has completed a portfolio repositioning transaction with a significant counterparty. In the transaction, Primus Financial terminated $300 million notional ...
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February 03, 2010
Primus Guaranty Reports Fourth Quarter 2009 Financial Results
Primus Guaranty, Ltd. (NYSE:PRS) (the “Company”) today announced that it purchased one million of its common shares in a privately negotiated transaction with one of its largest shareholders. The trade settled on December 14, 2009. The Company agreed to pay $3.20 per share for a total cost of $3.2 million.
The block trade was conducted under the Company’s previously announced share and debt ...
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November 05, 2009
Primus Announces Third Credit Mitigating Transaction
Primus Guaranty, Ltd. (NYSE:PRS) announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”) has completed its third credit mitigation transaction. Primus Financial assigned a portfolio of credit swaps with its largest single counterparty, comprising notional principal of $2.65 billion of bespoke tranche transactions and approximately $250 million of single name credit swaps, to a newly formed subsidiary which is wholly owned by Primus Financial.
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November 04, 2009
Primus Guaranty Reports Third Quarter 2009 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $461.5 million, or $11.14 per diluted share, for the third quarter of 2009, compared with GAAP net loss available to common shares of $(390.2) million, or $(8.63) per diluted share, for the third quarter of 2008.
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October 22, 2009
Primus Guaranty, Ltd. Schedules 3rd Quarter 2009 Earnings Conference Call
Primus Guaranty, Ltd. (NYSE:PRS) announced that it will host a conference call for investors on Wednesday, November 4, 2009, at 11 a.m. Eastern Time to discuss its 3rd quarter 2009 earnings, which are scheduled for release between 7 a.m. and 9 a.m. Eastern Time on Wednesday, November 4, 2009.
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October 05, 2009
Primus and Counterparty Terminate $1.3 Billion of Credit Swaps
Primus Guaranty, Ltd. (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), has terminated $1.3 billion notional principal of credit swaps with a significant counterparty. These swaps represent the counterparty’s entire portfolio of credit swaps with Primus Financial. Primus Financial paid $6.5 million to the counterparty, a significant discount to the market value of the portfolio, to terminate these swaps. Included ...
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August 05, 2009
Primus Guaranty Reports Second Quarter 2009 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS) today announced GAAP net income available to common shares of $595.8 million, or $14.44 per diluted share, for the second quarter of 2009, compared with GAAP net income available to common shares of $262.6 million, or $5.78 per diluted share, for the second quarter of 2008.
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July 30, 2009
Primus Announces Credit Mitigation Transaction
Primus Guaranty, Ltd. (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), had entered into a transaction with a significant bank counterparty in respect of credit default swaps between Primus Financial and the counterparty with a total notional principal of $1.2 billion.
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July 09, 2009
Primus Completes Transaction With Cypresstree Investment Management
Primus Asset Management, Inc., a wholly owned subsidiary of Primus Guaranty, Ltd. (NYSE:PRS), today announced it has completed the acquisition of CypressTree Investment Management, LLP. Founded in 1995, CypressTree manages leveraged loans and high yield bonds in a variety of investment products, including collateralized loan obligations (CLOs), collateralized swap obligations (CSOs), off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion.
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May 12, 2009
Primus Agrees to Acquire Cypresstree Investment Management
Primus Asset Management, Inc., a wholly owned subsidiary of Primus Guaranty, Ltd. (NYSE:PRS), today announced it had entered into a definitive agreement to acquire CypressTree Investment Management, LLP. Founded in 1995, CypressTree manages leveraged loans and high yield bonds in a variety of investment products, including collateralized loan obligations (CLOs), collateralized swap obligations (CSOs), off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion.