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.
MEDIA:
Kennedy & Company
Steven Kennedy,
914-961-2436 ext. 13
steven@kennedycom.com
or
Investor
Relations:
Primus Guaranty, Ltd.
Nicole Stansell,
212/697-1992
investorrelations@primusguaranty.com
