Scottish Re Tender Offer Expires
Scottish Re Group Limited announced yesterday [Mar.12] that the tender offer made by the company pursuant to an Offer to Purchase, dated February 10, 2012, and the related Letter of Transmittal, dated February 10, 2012, expired at 12:00 midnight, New York City time, on March 9, 2012 pursuant to the terms of the Offer.
The offer had been made to purchase for cash any and all of the outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference of $25 per share.
In connection with the offer, holders of 803,707 Perpetual Preferred Shares, with an aggregate liquidation preference of $20,092,675, tendered their Perpetual Preferred Shares and the company accepted for purchase all such Tendered Perpetual Preferred Shares.
Settlement of the Tendered Perpetual Preferred Shares is expected to occur on March 13, 2012.
Following settlement and subsequent cancellation of the Tendered Perpetual Preferred Shares, there will remain outstanding 3,251,176 Perpetual Preferred Shares, with an aggregate liquidation preference of $81,279,400.
UBS Investment Bank served as Dealer Manager and D.F. King & Co. served as Tender Agent and Information Agent for the Offer.
