Scottish Re begins cash tender offer to purchase perpetual preferreds

By Susanna Moon

Chicago, Feb. 10 - Scottish Re Group Ltd. said it began a cash tender offer to purchase any and all of its outstanding noncumulative perpetual preferred shares, which have a liquidation preference of $25 each.

Holders may tender some or all of their preferreds at $16 each. No dividends will be paid, according to a company press release.

The company said it recently entered into a privately negotiated transaction for the purchase of 751,200 preferreds, representing about 15.6% of the outstanding preferreds, from a third party.

The repurchase of the preferreds in the privately negotiated transaction is expected to settle on Feb. 14 and is at the same price as the tender offer.

The company is tendering for preferreds other than the preferreds subject to the privately negotiated transaction.

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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