NU Online News Service, July 18, 2003, 12:38 p.m. EDT – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, says it will charge $20.75 per share for an offering of 7 million shares of stock to the public and 1.05 million shares to the offering underwriters.
The life reinsurer hopes to use some of the proceeds from the 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 acquire a life reinsurance business from Pacific Life in 2001.
The managers of the Scottish Annuity offering are Bear, Stearns & Company Inc., New York, and UBS Securities L.L.C., New York.