Scottish Re extends tender offer for its perpetual preferred shares

By Susanna Moon

Chicago, June 7 - Scottish Re Group Ltd. said it extended the cash tender offer for any and all of its non-cumulative perpetual preferred shares to 5 p.m. ET on June 23.

The preferreds have a liquidation preference of $25 per share.

As of 5 p.m. ET on June 4, investors had tendered 193,606 shares.

The offer began on May 7.

The offer requires the approval by holders of at least a majority of the shares.

The company said it also will reduce the number of preferreds purchased in the offer on a pro rata basis among tendered shares to prevent someone from owning 10% or more of the shares.

Bank of America Merrill Lynch is the dealer manager (980 388-9217 or 888 292-0070). D.F. King & Co. is the information agent (212 269-5550 or 888 869-7406).

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.