October 4, 2004

CDS Provider Primus Prices Its IPO, to List on NYSE

HAMILTON, Bermuda (HedgeWorld.com)--Primus Guaranty Ltd., a provider of credit risk protection to derivatives dealers and portfolio managers, priced its initial public offering at US$13.50. The company sold 9.1 million shares, and certain existing shareholders sold 1.2 million for a total offering of US$139.7 million.

Primus shares will be listed on the New York Stock Exchange under the symbol PRS.

Primus is the parent company of Primus Financial Products LLC, New York, which sells credit default swaps to dealers, banks and portfolio managers, as well as of Primus Asset Management Inc., which manages the credit swap portfolio of Primus Financial and that of third parties.

Lehman Brothers Inc. was the sole book-running manager, although it shared lead manager status with Morgan Stanley. Credit Suisse First Boston was the senior co-manager. Other co-managers were: UBS Investment Bank, William Blair and Company LLC and Keefe, Bruyette & Woods Inc.

Primus Financial has been a major participant on the sell-side of the Depository Trust & Clearing Corporation's automated matching service for CDS since December 2003

(see Previous HedgeWorld Story).

CFaille@HedgeWorld.com

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