Scottish Re amends loan to obtain $115 million payment for 4.5% convertibles buyback

By Caroline Salls

Pittsburgh, Dec. 1 - Scottish Re Group Ltd. executed an amendment to its credit facility, under which Scottish Annuity & Life Insurance Co. (Cayman) Ltd. will pay Scottish Re $115 million for a 4.5% convertible notes buyback , according to a company news release.

The payment will be transferred to Scottish Re on Monday, and the buyback will occur on Wednesday, the release said.

Scottish Re is a Hamilton, Bermuda-based reinsurance company.

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