By Ronda Fears
Nashville, Nov. 19 - Scottish Annuity & Life Holdings Ltd. sold $100 million of 20-year convertible senior notes at par to yield 4.5% with a 30% initial conversion premium.
Bear Stearns & Co. was lead manager of the Rule 144A deal, which was advanced to price a day early.
The deal priced at the rich end of talk which had put the yield at 4.5% to 5.0% and the initial conversion premium at 25% to 30%.
Bermuda-based Scottish Annuity said proceeds will be used to support growth, to pursue business opportunities in reinsurance and for general corporate purposes.
Terms of the new deal are:
| Issuer: | Scottish Annuity & Life Holdings Ltd.
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Lead manager: | Bear Stearns & Co.
|
| Maturity date: | Dec. 1, 2022
|
| Coupon: | 4.5%
|
| Issue price: | Par
|
| Yield: | | 4.5%
|
| Conversion premium: | 30%
|
| Conversion price: | $21.71
|
| Conversion ratio: | 46.062
|
| Call: | Non-callable for five years
|
| Put: | In years five, 10 and 15
|
| Ratings: | Moody's: Baa2 (expected)
|
| S&P: BBB-
|
| Settlement date: | Nov. 22
|
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