Press Releases

Scottish Re Group Limited Announces Tender Offer to Purchase for Cash Any and All of its Outstanding Non-Cumulative Perpetual Preferred Shares Feb 10, 2012 03:27PM

HAMILTON, Bermuda--(BUSINESS WIRE)-- Scottish Re Group Limited (“Scottish Re” or the “Company”) has commenced a cash tender offer to purchase any and all of its outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference $25 per share (collectively, the “Perpetual Preferred Shares”), other than the Perpetual Preferred Shares that are subject to the Privately Negotiated Transaction described below.

The tender offer is being made pursuant to the Offer to Purchase, dated February 10, 2012 (as it may be amended and supplemented from time to time, the “Offer to Purchase”), and the related Letter of Transmittal, dated February 10, 2012 (as it may be amended and supplemented from time to time, the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer”), which set forth the full details of the terms and conditions of the Offer. Pursuant to the terms of the Offer, holders of the Perpetual Preferred Shares may tender some or all of their Perpetual Preferred Shares at a purchase price of $16.00 per share. No dividends or any other amounts will be paid to holders of Perpetual Preferred Shares with respect to the Perpetual Preferred Shares purchased pursuant to the Offer.

The Offer is subject to conditions customary for transactions of this type and may be terminated by the Company at any time in its sole discretion.

The Company recently entered into a privately negotiated transaction for the purchase of 751,200 Perpetual Preferred Shares, representing approximately 15.6% of the outstanding Perpetual Preferred Shares, from a third party (the “Privately Negotiated Transaction”). The repurchase of the Perpetual Preferred Shares in the Privately Negotiated Transaction is expected to settle on or about February 14, 2012 and is at the same price as the Offer.

UBS Investment Bank is serving as Dealer Manager and D.F. King & Co. is serving as Tender Agent for the Offer. Brokers and other persons with questions regarding the Offer are encouraged to contact UBS Investment Bank at (203) 719-4210 or toll free at (888) 719-4210. Requests for documents may be directed to D.F. King & Co., the Information Agent, at (212) 269-5550 or toll free (888) 869-7406.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Perpetual Preferred Shares or any other security. The Offer is made only pursuant to the Offer to Purchase and the Letter of Transmittal. The Offer is not being made to security holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the Dealer Manager on behalf of the Company.

About Scottish Re

Scottish Re is a global life reinsurance specialist, with its principal executive office located in Bermuda. Its primary operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc.

Scottish ReMedia and Investor Contact:Dan Roth, 441-298-4373Chief Financial Officer

Source: Scottish Re Group Limited

Find Romance and Relaxation This Valentine's Day With Myrtle Beach Spas Feb 10, 2012 03:25PM

MYRTLE BEACH, SC -- (MARKET WIRE) -- 02/10/12 -- Celebrate this Valentine's Day with relaxation and romance, because Cupid is coming to the Hibiscus Spa at the Myrtle Beach Marriott! The Myrtle Beach Marriott Resort & Spa at Grande Dunes, one of the oceanfront resorts in Myrtle Beach is putting on its romantic colors this Valentine's day. And couples can find romance and relaxation while celebrating the romantic holiday with sweet, sultry treatments at its Hibiscus Spa.

What better way is there to explore the depths of love than through a little relaxation and pampering, which is the highlight of the atmosphere of the Myrtle Beach Marriott Resort & Spa. The hotel's Hibiscus Spa is one of the best spas on Myrtle Beach, and it is where couples can find everything needed for a great escape while shredding their every worry and cares. Bliss lovers who choose to celebrate Valentine's at this oceanfront resort can choose from a variety of therapeutic, beautifying, pampering and relaxation treatments to enjoy with their partners.

This includes treatments and services, like massages, facials, hand and foot therapies, waxing and sensual body treatments. All of which offers a world of luxury this February. Guests will also get to choose from a variety of relaxing packages, including the romantic "Couples Ritual" package, which allows couples to linger in the relaxation room after treatments and enjoy a bottle of champagne, a plate of cheese and seasonal fruit.

"The staff is looking forward to Valentine's Day at the Hibiscus Spa. It's such a special occasion for our regulars as well as our vacationers. Guests can enjoy the pools area, special couple's massages and visit the retail area for some souvenirs to bring home to remind them of their relaxing day," says Sarah Thrapp, the Hibiscus Spa Director.

Escape from the ordinary to a magical place of tranquility, to refresh and restore the Mind, Body and Spirit at the Myrtle Beach Marriott Resort & Spa at Grande Dunes, one of the luxury resorts in Myrtle Beach. Boasting 405 spacious and luxurious guest rooms that are outfitted with cotton-rich linens and custom duvets, guests are sure to enjoy the luxury and comfort that this hotel offers. The Myrtle Beach Marriott Resort & Spa offers guests high-speed Internet access, private decks, which provide breathtaking views, and a variety of amenities to enjoy.

Guests of the hotel will also have 45,000 square feet of meeting space, an indoor and outdoor pool, health club and fitness trail to enjoy. The hotel also offers guests onsite dining in Myrtle Beach, beach access and the facilities to enjoy championship golf, tennis and a variety of other activities. Additionally, the Myrtle Beach Marriott Resort & Spa offers guests easy access to Broadway at the Beach, Brookgreen Gardens, Barefoot Landing, Carolina Opry, Tanger Factory Outlets, NASCAR Speed Park and Myrtle Waves Water Park.

* For more information, appointments and to book special packages, please call 843-692-3730.

About the Myrtle Beach Marriott Resort & Spa at Grande Dunes

A part of the 2,200-acre plantation-style Grande Dunes Residential Community, the Myrtle Beach Marriott Resort & Spa at Grande Dunes is a luxury hotel that offers comfortable accommodations to the most discerning travelers. This luxury hotel is one of the finest oceanfront resorts in Myrtle Beach, and it features 45,000 sq. ft of flexible meeting space, wireless high-speed internet access, 405 luxurious guest rooms, championship golf, tennis, onsite dining and access to the white sands and sparkling waters of the magnificent South Carolina beaches.

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CONTACT:
Cindy Hull
The Myrtle Beach Marriott Resort & Spa
1-843-449-8880
Email Contact

Source: Marriott International

HudBay Minerals to Host Conference Call for Fourth Quarter 2011 Results Feb 10, 2012 03:24PM

TORONTO, ONTARIO -- (MARKET WIRE) -- 02/10/12 -- HudBay Minerals Inc. ("HudBay", the "company") (TSX: HBM)(NYSE: HBM) senior management will host a conference call on Thursday, March 8, 2012 at 10 a.m. ET to discuss the company's fourth quarter 2011 results and provide an update on development activities.

Fourth Quarter 2011 Results Conference Call and Webcast:

Date:               Thursday, March 8, 2012
Time:               10 a.m. ET
Webcast:            www.hudbayminerals.com
Dial in:            416-644-3416 or 877-974-0446
Replay:             416-640-1917 or 877-289-8525
Replay Passcode:    4515197#

HudBay plans to issue a news release containing the fourth quarter 2011 results on Wednesday, March 7, 2012, after market close, and post it on the company's website. The conference call replay will be available until midnight (Eastern Time) on March 22, 2012. An archived audio webcast of the call also will be available on HudBay's website.

HudBay Minerals Inc.

HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.

(HBM-G)

Contacts:
HudBay Minerals Inc.
John Vincic, Vice President,
Investor Relations and Corporate Communications
(416) 362 0615
john.vincic@hudbayminerals.com
www.hudbayminerals.com

Source: HudBay Minerals Inc.

HudBay Minerals to Host Conference Call for Fourth Quarter 2011 Results Feb 10, 2012 03:24PM

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2012) - HudBay Minerals Inc. ("HudBay", the "company") (TSX: HBM)(NYSE: HBM) senior management will host a conference call on Thursday, March 8, 2012 at 10 a.m. ET to discuss the company's fourth quarter 2011 results and provide an update on development activities.

Fourth Quarter 2011 Results Conference Call and Webcast:

Date:               Thursday, March 8, 2012
Time:               10 a.m. ET
Webcast:            www.hudbayminerals.com
Dial in:            416-644-3416 or 877-974-0446
Replay:             416-640-1917 or 877-289-8525
Replay Passcode:    4515197#

HudBay plans to issue a news release containing the fourth quarter 2011 results on Wednesday, March 7, 2012, after market close, and post it on the company's website. The conference call replay will be available until midnight (Eastern Time) on March 22, 2012. An archived audio webcast of the call also will be available on HudBay's website.

HudBay Minerals Inc.

HudBay Minerals Inc. (TSX: HBM)(NYSE: HBM) is a Canadian integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.

(HBM-G)

FOR FURTHER INFORMATION PLEASE CONTACT:
        HudBay Minerals Inc.
        John Vincic, Vice President,
        Investor Relations and Corporate Communications
        (416) 362 0615
        john.vincic@hudbayminerals.com
        www.hudbayminerals.com

Source: HudBay Minerals Inc.

Fitch Rates VRDP Shares Issued by Nuveen California Municipal Market Opportunity Fund, Inc 'AAA/F1+' Feb 10, 2012 03:24PM

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns 'AAA' long-term ratings and 'F1+' short-term ratings to variable rate demand preferred shares (VRDP shares) issued by Nuveen California Municipal Market Opportunity Fund, Inc. (NCO), a municipal closed-end fund managed by Nuveen Fund Advisors, Inc. (NFA) and subadvised by Nuveen Asset Management, LLC (NAM):

--$49,800,000 of VRDP shares, series 1, mandatory redemption date of March 1, 2040, with a liquidation preference of $100,000 per share.

KEY RATING DRIVERS

The 'F1+' short-term rating primarily reflects:

--The credit strength of Deutsche Bank AG (rated 'A+/F1+' by Fitch), acting through its New York branch, as liquidity provider.

--The terms and conditions of the VRDP shares purchase agreement (purchase agreement).

The 'AAA' long-term rating primarily reflects:

--Sufficient asset coverage provided to the VRDP shares as calculated per the fund's overcollateralization (OC) tests.

--The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines.

--The legal and regulatory parameters that govern the fund's operations.

--Both the short- and long-term ratings also reflect the capabilities of NFA as investment advisor and NAM as subadvisor.

TENDER AND REMARKETING

The VRDP shares benefit from a demand feature giving investors the right to tender the securities with a seven-day notice for remarketing. The VRDP shares are also subject to a mandatory tender for remarketing upon the occurrence of certain events, such as non-payment of dividends by the fund, among others. VRDP shares that are unsuccessfully remarketed are purchased by the liquidity provider, Deutsche Bank AG, acting through its New York Branch, pursuant to an unconditional demand feature.

The VRDP shares have a 30-year mandatory redemption date and pay an adjustable dividend rate set weekly by the remarketing agent, Morgan Stanley & Co. LLC (or any subsequent replacement). Should a remarketing be unsuccessful, the dividend rate will reset to a maximum rate as defined in the governing documents.

PURCHASE OBLIGATION

The VRDP shares are supported by a purchase agreement to ensure full and timely repayment of the liquidation preference amount plus any accumulated and unpaid dividends to holders upon occurrence of certain events. The agreement requires the liquidity provider to purchase all VRDP shares tendered for sale that were not successfully remarketed. The liquidity provider must also purchase all outstanding VRDP shares if the fund has not obtained an alternate purchase agreement prior to the termination of the purchase agreement being replaced or following the downgrade of the liquidity provider's rating below 'F2' (or equivalent).

The purchase of VRDP shares pursuant to the purchase agreement is unconditional and irrevocable, and as such the short-term ratings assigned to the VRDP shares are directly linked to the short-term creditworthiness of the associated liquidity provider.

The liquidity provider's obligation under the purchase agreement is currently scheduled to terminate on March 30, 2012. Fitch expects the purchase agreement to be subsequently extended, with terms that are substantially similar to the current purchase agreement.

LEVERAGE

As of Dec. 30, 2011, the fund had managed assets of $188.3 million including leverage of $70.1 million. Leverage consisted of $49.8 million of VRDP shares and $20.3 million of floating rate certificates of tender option bonds.

ASSET COVERAGE

The fund's asset coverage ratio for the VRDP shares, as calculated in accordance with the Investment Company Act of 1940, was approximately 342%. This is in excess of the minimum asset coverage threshold of 225% currently set by the terms of the fee agreement between the fund and the liquidity provider (Minimum VRDP Asset Coverage Test).

The fund has also covenanted with the liquidity provider to maintain an Effective Leverage Ratio for both VRDP shares and floating-rate certificates of tender option bonds below 45% (or 46% if the increase in the ratio is due exclusively to asset market value volatility). The Effective Leverage Ratio is currently approximately 37%.

In the event of asset coverage declines, the fund's governing documents will require the fund to reduce leverage in order to restore compliance with the OC test(s) breaching the required threshold(s).

STRESS TESTS

Fitch performed various stress tests on the fund to assess the strength of the structural protections available to the VRDP shares compared to the rating stresses outlined in Fitch's closed-end fund rating criteria. These tests included determining various 'worst case' scenarios where the fund's leverage and portfolio composition migrated to the outer limits of its operating and investment guidelines.

Only under remote circumstances, such as increasing the fund's issuer concentration, while simultaneously migrating the portfolio to 80% 'BBB', 10+ years to maturity bonds and 20% high yield bonds, did the asset coverage available to the VRDP shares fall below the 'AAA' threshold, and instead passed at an 'AA' rating level.

Given the highly unlikely nature of the stress scenarios, and the minimal rating impact, Fitch views the fund's permitted investments, municipal issuer diversification framework and mandatory deleveraging mechanisms as consistent with an 'AAA' rating.

THE FUND

The fund is a closed-end management investment company regulated by the Investment Company Act of 1940. The fund seeks to provide current income exempt from regular federal and California income tax and to enhance portfolio value. The fund currently invests primarily in investment grade quality municipal bonds.

NFA, a subsidiary of Nuveen Investments, is the fund's investment advisor, responsible for the fund's overall investment strategy and its implementation. NAM is a subsidiary of NFA and oversees the day-to-day operations of the fund. Nuveen Investments and its affiliates had approximately $207 billion of assets under management as of Oct. 31, 2011.

RATINGS SENSITIVITY

The ratings assigned to the VRDP shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of the fund, as described above. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.

Certain terms of the Minimum VRDP Shares Asset Coverage Test and Effective Leverage Ratio are set in the liquidity and fee agreements, which are renewed on a periodic basis. Changes to these terms that weaken the tests may have negative rating implications.

The short-term ratings assigned to the VRDP shares may also be sensitive to changes in the financial condition of the liquidity provider. A downgrade of the liquidity provider to 'F2' would result in a downgrade of the short-term ratings of the VRDP shares to 'F2,' absent other mitigants. A downgrade below 'F2', on the other hand, would not necessarily result in a downgrade of the short-term rating of the VRDPs, given the acceleration features in the transaction that would result in a mandatory tender of the VRDPs for purchase by the liquidity provider.

The fund has the ability to assume economic leverage through derivative transactions which may not be captured by the fund's Minimum VRDP Asset Coverage Test or Effective Leverage Ratio. The fund does not currently engage in derivative activities and does not envision engaging in material amounts of such activity in the future. In fact, such activity is limited by the fund's investment guidelines and could run counter to the fund's investment objective of achieving tax-exempt income. Material derivative exposures in the future could have potential negative rating implications if it adversely affects asset coverage available to rated VRDP shares.

For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end fund, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The sources of information used to assess this rating were the public domain and Nuveen Fund Advisors.

To receive Fitch's forthcoming research on closed-end funds please go to:http://forms.fitchratings.com/forms/FAMCEFOptinform

Applicable Criteria and Related Research:

--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 16, 2011);

--'Global Rating Criteria for Asset-Backed Commercial Paper' (Nov. 10, 2011);

--'2012 Outlook: Closed-End Fund Leverage' (Dec. 19, 2011);

--'Closed-End Funds: Derivatives Under Review' (Nov. 16, 2011);

--'Primer: CEF Variable-Rate Demand Preferred Shares' (Oct. 27, 2011).

Applicable Criteria and Related Research:

Rating Closed-End Fund Debt and Preferred Stockhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648840

Global Rating Criteria for Asset-Backed Commercial Paperhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=655450

2012 Outlook: Closed-End Fund Leveragehttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=660709

Closed-End Funds: Derivatives Under Review (Increased Use and Limited Transparency Are Key Considerations)http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656591

Primer: CEF Variable-Rate Demand Preferred Shares (Closed-End Fund VRDPs Target Short-Term, Money Market Investors)http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=654295

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch RatingsPrimary AnalystGreg Fayvilevich, +1-212-908-9151Associate DirectorFitch, Inc.One State Street PlazaNew York, NY 10004orSecondary AnalystRuss Thomas, +1-312-368-3189DirectororCommittee ChairpersonViktoria Baklanova, CFA, +1-212-908-9162Senior DirectororMedia RelationsBrian Bertsch, +1-212-908-0549 (New York)brian.bertsch@fitchratings.com

Source: Fitch Ratings