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Scottish Re Reports Strong Demand For Offering

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NU Online News Service, Dec. 12, 2003, 3:43 p.m. EST – Scottish Re Group Ltd., Hamilton, Bermuda, has set a price of $25 per unit for an offering of 5 million “hybrid capital units.”[@@]

The life reinsurer says it was able to increase the size of the offering to 5 million units, from 4.6 million units, because of strong investor demand.

The units combine an ordinary share purchase contract with a convertible preferred share. The units pay an interest rate of 5.875%, and the convertible preferred share has a conversion price of $23.57, Scottish Re says.