SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 6, 1997
Life Re Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-11340 01-0437851
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
969 High Ridge Road, Stamford, Connecticut 06905
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (203) 321-3000
Not Applicable
(Former name or former address, if changed since last report.)
Item 5. Other Events.
As of June 6, 1997, Life Re Corporation, through its
subsidiary, Life Re Capital Trust I, sold in a private
placement in reliance on Rule 144A $100 million of 8.72%
Capital Securities of such Trust, at $1,000 per Security.
Included herewith as an Exhibit is a copy of a press release
regarding the transaction. The foregoing description of the
transaction is qualified in its entirety by reference to the
Exhibit which is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release, dated June 10, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LIFE RE CORPORATION
Date: June 10, 1997 By: /s/ Chris C. Stroup
Chris C. Stroup,
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Item No.
99.1 Press Release of Life Re Corporation dated
June 10, 1997.
Press Release
FOR IMMEDIATE RELEASE
June 10, 1997
Life Re Corporation Completes Offering
of $100 Million in Capital Securities
STAMFORD, CONNECTICUT -- June 10, 1997, Life Re Corporation
(NYSE:LRE) today announced the closing of the private placement under Rule
144A of $100 million of 8.72% Capital Securities of Life Re Capital Trust I,
a subsidiary of Life Re, at $1,000 per Security. Each Capital Security will
pay cumulative distributions at the annual rate of 8.72% of the stated
$1,000 amount per Security, payable semi-annually in arrears beginning
December 15, 1997, and will have a maturity date of June 15, 2027.
Payments on the Capital Securities are fully and unconditionally guaranteed
by Life Re. Both Standard & Poor's Rating Service and Duff & Phelps Credit
Rating Co. have assigned a "BBB" (Triple-B) rating to the Capital
Securities.
The proceeds from the offering will be used for general corporate
purposes, including the support of the operations of Life Re's insurance
subsidiaries. Rodney A. Hawes, Jr., Chairman of Life Re, said, "This
offering is indicative of the continued success of Life Re in its core
business lines of ordinary life reinsurance and Administrative
Reinsurance(service mark). We believe this is a cost-effective means of
raising capital."
The Capital Securities were sold in a private placement under Rule
144A, are not registered under the United States Securities Act and may not
be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This news release
shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be an offer or sale of the securities in the offering
in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state.
Life Re Corporation is a leading provider of life and health
reinsurance in the United States through its subsidiary, Life Reassurance
Corporation of America.
*****
For Additional Information contact:
Bruce I. Weiser
(203) 321-3084
