NU Online News Service, Nov. 3, 2003, 12:23 p.m. EST – Reinsurance Group of America Inc., St. Louis, a publicly traded reinsurer, is trying to raise more than $400 million by selling 10.5 million new shares of common stock.
RGA would use the proceeds to finance and expand its reinsurance business.
RGA stock has been selling for about $40 per share.
MetLife Inc., New York, which already owns 59% of RGA’s shares, says it might spend $100 million to $150 million to buy 2.5 million to 3.75 million shares of the new RGA stock, RGA says.
The underwriters have an option to buy up to 1.575 million extra shares. The joint book-running managers for the offering are Goldman, Sachs & Company, New York, and Lehman Brothers Inc., New York.