HAMILTON, Bermuda, Dec. 1 /PRNewswire-FirstCall/ -- Scottish Re Group Limited (the "Company") (NYSE:SCT) announced today that it has executed an amendment to its bank credit facility agreement that permits a payment of up to $115 million from Scottish Annuity & Life Insurance Company (Cayman) Ltd. to Scottish Re Group Limited. The payment will be transferred to Scottish Re Group Limited on Monday, December 4, 2006. These actions will enable the Company to repurchase the $115 million 4.5% convertible notes should the holders elect to exercise their put options. The repurchase will occur on December 6, 2006.
About Scottish Re Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore, the United Kingdom and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its Web site, http://www.scottishre.com/.
Contact:
Brunswick Group
(212) 333-3810
DATASOURCE: Scottish Re Group Limited CONTACT: Brunswick Group, +1-212-333-3810 Web site: http://www.scottishre.com/
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