NU Online News Service, Nov. 7, 2003, 1:21 p.m. EST – Reinsurance Group of America Inc., St. Louis, a publicly traded reinsurer, says it has decided to ask for $36.65 per share for an offering of 10.5 million new shares.
RGA hopes to raise more than $384 million through the offering, complete the sale by Nov. 13 and use the proceeds to finance and expand its reinsurance business.
RGA announced the offering Monday. RGA stock was selling for about $40 per share last week, but the price has fallen to about $37 per share since investors heard about the secondary offering.
RGA has 50 million shares outstanding. The total value of its shares gives it a market capitalization value of $1.9 billion.