Scottish Re holders tender $20.09 million noncumulative preferreds

By Angela McDaniels

Tacoma, Wash., March 12 - Scottish Re Group Ltd. received tenders for $20,092,675 of its noncumulative perpetual preferred shares, according to a company news release.

A tender offer for the preferreds began Feb. 10 and ended at midnight ET on March 9.

The 803,707 tendered preferreds have a liquidation preference of $25 each.

The company will pay $16 each for the preferreds. No dividends will be paid. The settlement date is expected to be March 13.

Following settlement, 3,251,176 preferreds with a total liquidation preference of $81,279,400 will remain outstanding.

As previously reported, the company's board of directors did not declare a dividend for the preferreds' April 15 dividend date. The company has not paid dividends on the preferreds since January 2008.

Scottish Re is not restricted under the terms of the preferreds from declaring the April 15 dividend, a previous company news release noted.

In February, the company purchased 751,200 preferreds from a third party for $16 each through a privately negotiated transaction. The purchase represented about 15.6% of the outstanding preferreds.

UBS Investment Bank (888 719-4210 or 203 719-4210) was the dealer manager for the tender offer, and D.F. King & Co. (888 869-7406 or 212 269-5550) was the tender agent.

Scottish Re is a life reinsurance specialist located in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.