SCOTTISH RE GROUP LIMITED ANNOUNCES PRICING OF PERPETUAL PREFERRED STOCK HAMILTON, Bermuda--(BUSINESS WIRE)--June 28, 2005--Scottish Re Group Limited (NYSE: SCT) announced today that it has priced its offering of $125 million of non-cumulative perpetual preferred stock. The preferred stock will have a fixed rate dividend of 7.25% for an initial 5-year period and will be callable at par after 5 years. After the initial period, the dividends on the securities may become floating. Dividends will be non-cumulative. The book-running manager for this offering was Lehman Brothers. Senior co-managers of this offering were Banc of America Securities LLC, Bear, Stearns & Co. Inc. and Keefe, Bruyette & Woods, Inc. Keefe, Bruyette & Woods, Inc. also served as special financial advisor to the Company in connection with this offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has become effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re Group Limited has operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc., which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings, A3 (good) by Moody's and A- (strong) by Standard & Poor's, Scottish Re Limited, which is rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings and A- (strong) by Standard & Poor's and Scottish Re Life Corporation, which is rated A- (excellent) by A.M. Best. Additional information about Scottish Re Group Limited can be obtained from its web site, http://www.scottishre.com/. CONTACT: Brunswick Group Diana Drobiner, 212-333-3810 ddrobiner@brunswickgroup.com SOURCE: Scottish Re Group Limited
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Filed: 1 Jul 05, 12:00am