FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
PRIMUS GUARANTY LTD [ PRS ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 10/05/2004 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Shares, par value $.08 per share | 10/05/2004 | C | 14,478,763 | A | (1) | 14,478,763 | I | See Footnote(2)(3) | ||
Common Shares, par value $.08 per share | 10/05/2004 | S | 573,335(4) | D | $13.5(5) | 13,905,428 | I | See Footnote(3)(6) |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Series A Conv. Voting Pref. Shares, par value $.01 per share | (3)(7) | 10/05/2004 | C | 3,000,000 | 09/29/2004 | (8) | Common Shares, par value $.08 per share | 14,478,763 | $25 | 0 | I | See Footnote(2)(3) |
1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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1. Name and Address of Reporting Person*
(Street)
Relationship of Reporting Person(s) to Issuer
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Explanation of Responses: |
1. Reflects conversion of Series A Convertible Voting Preferred Shares, par value $.01 per share. |
2. Includes (i) 14,044,401 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda ) Ltd, a subsidiary of XL Capital Ltd and (ii) 434,362 Common Shares, par value $.08 per share, directly owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd. |
3. Reflects a one for eight reverse share split, effected immediately prior to the initial public offering of Primus Guaranty, Ltd. |
4. Includes (i) 557,666 Common Shares, par value $.08 per share, sold directly by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 15,669 Common Shares, par value $.08 per share, sold directly by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd. |
5. The reported price of $13.50 per share does not reflect an underwriting discount of $.945 per share. |
6. Includes (i) 13,486,735 Common Shares, par value $.08 per share, directly owned by XL Insurance (Bermuda) Ltd, a subsidiary of XL Capital Ltd and (ii) 418,693 Common Shares, par value $.08 per share, direclty owned by XL Capital Principal Partners I, L.L.C., a subsidiary of XL Capital Ltd. |
7. Each Series A Convertible Voting Preferred Share, par value $.01 per share, was converted into Common Shares, par value $.08 per share, by multiplying such Series A Convertible Voting Preferred Share by $25.00 and then dividing such number by $5.18. |
8. Not applicable. |
Remarks: |
Exhibit List Exhibit 99--Joint Filer Information |
/s/ XL Capital Ltd | 10/07/2004 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |