Scottish Re announces deadline for tender offer, will skip dividend

By Angela McDaniels

Tacoma, Wash., March 7 - Scottish Re Group Ltd.'s tender offer for its noncumulative perpetual preferred shares will end on March 9, according to a company news release.

The offer began Feb. 10. The company is offering $16 each for the preferreds, which have a liquidation preference of $25 each. No dividends will be paid.

The company also announced that its board of directors decided not to 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 preferred from declaring the April 15 dividend, the 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) is the dealer manager, and D.F. King & Co. (888 869-7406 or 212 269-5550) is the tender agent.

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

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