News
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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.
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May 06, 2009
Primus Guaranty Reports First Quarter 2009 Financial Results
Primus Guaranty, Ltd. (“Primus Guaranty” or “the Company”) (NYSE:PRS), a provider of credit protection, announced today GAAP net income of $106.8 million, or $2.61 per diluted share, for the first quarter of 2009, compared with a GAAP net loss of $(670.1) million, or $(14.85) per diluted share, for the first quarter of 2008.
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May 05, 2009
Primus Guaranty Announces Director Elections
Primus Guaranty, Ltd. (NYSE:PRS) today announced that its shareholders re-elected Frank P. Filipps and Thomas J. Hartlage to its board of directors and that David Czerniecki was appointed to its board to fill a vacancy. The company’s board now has nine directors. Messrs. Filipps and Hartlage were elected as Class II directors with a term expiring in 2012 and Mr. Czerniecki was appointed as a Class I director with a term expiring in 2010. Mr. Czerniecki will serve on the board’s Finance and Investment Committee.
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April 27, 2009
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 counterparties is $15 million. Under the terms of the ISDA master agreement governing CDS on asset-backed securities, a downgrade of the underlying ...
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April 15, 2009
Primus Financial Repurchases $21.9 Million of Its Subordinated Notes
Primus Guaranty, Ltd. (the “Company” or “Primus Guaranty”) (NYSE:PRS) today announced that its subsidiary, Primus Financial Products, LLC (“Primus Financial”), purchased $21.9 million principal amount of its $75 million subordinated notes due 2034 in a privately negotiated transaction following an inquiry to Primus Financial made by the holder of the notes.