NU Online News Service, July 7, 2003, 12:12 p.m. EDT – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, plans to raise $160 million by selling 7 million new shares of stock to the public and 1.05 million shares to the investment banks that are underwriting the stock sale.
Scottish Annuity, a publicly traded life reinsurer, wants to use some of the proceeds from the new stock sale to buy back up to 1.525 million shares from Pacific Life Insurance Company, Newport Beach, Calif.
Scottish Annuity used 4.5 million shares of its stock to pay to acquire a life reinsurance business from Pacific Life in 2001.
Scottish Annuity stock now sells for about $20 per share.
The managers of the Scottish Annuity offering are Bear, Stearns & Company Inc., New York, and UBS Securities L.L.C., New York.