Scottish Re to sell $125 million of perpetual preferreds, talked at 7¼%

By Paul A. Harris

St. Louis, June 27 - Scottish Re Group Ltd. announced that it plans to sell $125 million of non-cumulative perpetual preferred stock (Ba1/BB-).

The preferreds are talked to price at par with a dividend of 7¼%, an informed source said.

Pricing is expected Tuesday or Wednesday.

Lehman Brothers will run the books, according to a company source declining to answer other questions about the deal.

The notes will pay a fixed-rate dividend for an initial five-year period and will be callable after five years, according to a company news release.

Proceeds will be used for general corporate purposes.

The Hamilton, Bermuda-based company is a global life reinsurance specialist.

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