News
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December 09, 2008
Primus Guaranty Comments on Tribune Co. CDS Exposure
Following the filing yesterday by Tribune Co. (“Tribune”) of a petition under Chapter 11 of the U.S. Bankruptcy Code, Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regard to the credit default swaps portfolio of Primus Financial Products, LLC (“Primus Financial”).
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November 25, 2008
Primus Guaranty Agrees to Block Trade
Primus Guaranty, Ltd. (NYSE:PRS) (the “Company”) today announced that it agreed to purchase approximately 3.2 million shares of its common stock in a privately negotiated transaction, which is expected to settle on December 1, 2008. The Company agreed to pay $.70 per share for a total cost of approximately $2.2 million.
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November 21, 2008
Primus Guaranty Receives Non-Compliance Notice from New York Stock Exchange
Primus Guaranty, Ltd. (NYSE:PRS) (the “Company”) announced today that it has been notified by NYSE Regulation, Inc. that it is not in compliance with one of the continued listing standards of the New York Stock Exchange (the “NYSE”). The Company is considered below criteria established by the NYSE because the Company’s average closing price of its shares of common stock was less than $1.00 for 30 consecutive trading days. The NYSE currently makes ...
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November 05, 2008
Primus Guaranty Reports Third Quarter 2008 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today a GAAP net loss of $(390.2) million, or $(8.63) per diluted share, for the third quarter of 2008, compared with a GAAP net loss of $(128.4) million, or $(2.85) per diluted share, for the third quarter of 2007. For the nine months ended September 30, 2008, the GAAP net loss was $(797.7) million, or $(17.65) per diluted share, compared with a GAAP ...
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October 15, 2008
Primus Guaranty Comments on CDS on Asset-Backed Securities
Primus Guaranty, Ltd. (NYSE:PRS) today announced that two asset-backed securities, referenced by credit default swaps (“CDS”) written by Primus Financial Products, LLC (“Primus Financial”), were downgraded below Caa2 by Moody’s Investors Service (“Moody’s”). The notional principal on these CDS with current counterparties is $10 million. Under the terms of the ISDA master agreement governing CDS on asset-backed securities, a downgrade ...
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October 09, 2008
Primus Guaranty Comments on Icelandic Bank CDS Exposure
Following the announcement by Iceland’s Financial Supervisory Authority to nationalize Kaupthing bank hf. (“Kaupthing Bank”), Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”).
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October 08, 2008
Primus Guaranty Announces Bond Buyback Program for 7% Senior Notes
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.
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October 01, 2008
Moody's Rating Action on Primus Financial Products
Moody's Investors Service announced today that it has (i) downgraded the counterparty rating of Primus Financial Products LLC ("Primus Financial"), and its Subordinated Deferrable Interest Notes, Series A and (ii) placed on review for possible downgrade Subordinated 2005 Deferrable Interest Notes, Series A-1, Subordinated 2005 Deferrable Interest Notes, Series B, and Perpetual NC-10 Floating Rate Cumulative Preferred Securities (Series I and Series II). Moody's also downgraded to Ba1, from ...
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September 26, 2008
Primus Guaranty Comments on Standard and Poor's Ratings Announcement and Washington Mutual Exposure
Primus Guaranty, Ltd. (NYSE:PRS) today commented on Standard & Poor's Rating Services (“S&P”) placement of Primus Financial Products, LLC (“Primus Financial”) on negative watch.
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September 15, 2008
Primus Guaranty Comments on Lehman Brothers CDS Exposure
Following the filing today by Lehman Brothers Holdings Inc. (“Lehman Brothers”) of a petition under Chapter 11 of the U.S. Bankruptcy Code, Primus Guaranty, Ltd. (NYSE:PRS) provided the following information with regards to the credit default swaps (“CDS”) portfolio of Primus Financial Products, LLC (“Primus Financial”).