NU Online News Service, Dec. 2, 2003, 11:13 a.m. EST – Reinsurance Group of America Inc., St. Louis, a publicly traded reinsurer, says it has succeeded at raising $385 million by selling 10.5 million shares to investors.[@@]
RGA also raised another $58 million by selling 1.6 million additional shares to the investment firms that managed the stock sale.
The reinsurer plans to use the stock sale proceeds to fund its reinsurance operations and finance other corporate activities.
RGA already was a publicly traded stock company before it completed the new stock sale. The company now has a total of about 62 million shares outstanding. The total value of its shares gives it a market capitalization value of about $2.2 billion.
The joint book-running managers for the secondary offering were Goldman, Sachs & Company, New York, and Lehman Brothers Inc., New York.