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The White Mountains Re Group, Ltd. will sell about $400 million of its senior notes due 2017, the parent group said yesterday.

The Bermuda-based reinsurer will use the net proceeds from the sale to pay a cash distribution to the parent White Mountains, which in turn will use the majority of this distribution to repay its outstanding borrowings under a credit facility, of which White Mountains Re is a co-borrower and co-guarantor, the company said.

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