Scottish Annuity says $15 million greenshoe exercised, raising convertibles to $115 million

New York, Nov. 27 - Scottish Annuity & Life Holdings, Ltd. said the underwriters of its recent offering of 4.5% senior convertible notes due 2022 exercised the $15 million over-allotment option in full, increasing the size of the deal to $115 million.

Scottish Annuity originally sold $100 million of the notes after the market closed on Nov. 19 at par to yield 4.5% with a 30% initial conversion premium.

Bear Stearns & Co. was lead manager of the Rule 144A deal.

Bermuda-based Scottish Annuity said proceeds will be used to support growth, to pursue business opportunities in reinsurance and for general corporate purposes.

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