Subject: OFR
Sagen MI Canada Inc. Completes Issuance of $150 Million of Hybrid Notes
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 23, 2021 /CNW/ - Sagen MI Canada Inc. (TSX: MIC) (the "Company") announced today that it completed its previously announced offering (the "Offering") of $150 million aggregate principal amount of 4.95% Fixed-to-Fixed Rate Subordinated Notes Series 2021-1 due March 24, 2081. The Offering was made through a syndicate of agents led by RBC Capital Markets, including BMO Capital Markets, CIBC World Markets, National Bank Financial, Scotia Capital and TD Securities.
The Company intends to use the net proceeds of the Offering to strengthen the Company's capital base, for distributions to shareholders (subject to the completion of the previously announced plan of arrangement pursuant to which Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners ("Brookfield"), will acquire all of the outstanding common shares of the Company not already owned by Brookfield), and/or for general corporate purposes.
About Sagen MI Canada Inc.
Sagen MI Canada Inc. (TSX: MIC), operating through its wholly-owned subsidiary, Genworth Financial Mortgage Insurance Company Canada (doing business as SagenTM), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. The Company differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2020, the Company had $7.5 billion total assets and $3.9 billion shareholders' equity. Find out more at www.sagen.ca.
Caution regarding forward-looking information and statements
Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the use of proceeds from the Offering.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
For further information:
Investors - Aaron Williams, 905-287-5504 [email protected];
Media - Susan Carter, 905-287-5520 [email protected]
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Sagen is a trademark owned by Sagen MI Canada Inc.
SOURCE Sagen MI Canada Inc.
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