Scottish Re Group Ltd. says it expects to sell more than 10 million shares of stock through 3 transactions that could raise a total of about $250 million.[@@]

Scottish Re, Hamilton, Bermuda, will be offering 6 million new ordinary shares and offering 3.15 million ordinary shares “in connection with forward sale agreements.”

The underwriters have the right to buy another 1.3725 million ordinary shares.

Bear, Stearns & Co Inc., New York, and Lehman Brothers Inc., New York, are managing the offering.

Bear, Stearns and Lehman Brothers are the forward purchasers for the 3.15 million-share offering. The companies have agreed to pay Scottish Re $75 million in about 9 months and a total of about $75 million in 12 months, Scottish Re says.

“Through the forward sale, the company may retain up to the initial 20% of the appreciation of its share price through the settlement dates,” Scottish Re says. “The company also has the right to net share settle or cash settle the forward sale agreements.”

Scottish Re says it may use the cash to pay for acquisitions as well as to handle other costs.