N@N

Scottish Annuity & Life Insurance Company (Cayman) Ltd. Announces Expiration of Tender Offer and Acceptance of $24,700,000 of 5

^{Published on 2010-08-04 14:45:25 - Market Wire}
 

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Annuity & Life Insurance Company (Cayman) Ltd. (aSALICa), a wholly owned subsidiary of Scottish Re Group Limited (Pink Sheets: SKRRF), announced today that the tender offer made by SALIC pursuant to an Offer to Purchase and the related Letter of Transmittal, each dated July 7, 2010 (together, the aOffera), expired at midnight, New York City time, August 3, 2010 pursuant to the terms of the Offer. The Offer had been made to purchase for cash any and all of the outstanding 5.902% Collateral Facility Certificates (aPass-Through Certificatesa) of the Stingray Pass-Through Trust.

In connection with the Offer, holders of $24,700,000 aggregate stated amount of Pass-Through Certificates tendered their Pass-Through Certificates (the aTendered Pass-Through Certificatesa) and SALIC accepted for purchase all such Tendered Pass-Through Certificates. Settlement of the Tendered Pass-Through Certificates is expected to occur on August 4, 2010.

UBS Securities LLC served as Dealer Manager and D.F. King & Co., Inc. served as Information Agent for the Offer.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its Web site, [ www.scottishre.com ].