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November 27, 2006 at 05:17 AM
Scottish Re Group Ltd. says companies have agreed to invest a total of $600 million in Scottish Re preferred stock.
MassMutual Capital Partners L.L.C., an affiliate of Massachusetts Mutual Life Insurance Company, Springfield, Mass., and a group of affiliates of Cerberus Capital Management L.P., New York, a private investment firm, each have agreed to invest $300 million in Scottish Re, Scottish Re says.
The deal agreement calls for MassMutual Capital and the Cerberus affiliate group each to get 1 million new convertible preferred shares, Scottish Re says.
The shares could be converted into 150 million ordinary shares at any time, and the conversion would give MassMutual Capital and the Cerberus affiliates ownership of 69% of Scottish Re ordinary shares, Scottish Re says.
The convertible shares would have the same voting rights as ordinary shares of Scottish Re, Scottish Re says.
