NU Online News Service, Nov. 19, 9:19 a.m. – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, a reinsurer, has set an interest rate of 4.5% on $100 million in convertible notes that will be offered to institutional investors.

The notes are due Dec. 1, 2022. Under certain conditions, holders can try to convert the notes into common stock at a price of $21.71 per share, but Scottish Annuity can give the holders cash rather than stock.

If the first investors buy all of the first batch of convertible notes, they will have an option to buy another $15 million in convertible notes, Scottish Annuity says.

Scottish Annuity will use the proceeds in part to “pursue new business opportunities in the reinsurance market,” the company says.