TORONTO and BARBADOS, Dec. 15,
2021 /CNW/ - Sagicor Financial Company Ltd. ("Sagicor" or
the "Company") today announced that the Company and Sagicor Life
Inc., as guarantor, have successfully completed the previously
announced offering of U.S.$150
million of its 5.300% Senior Notes due May 13, 2028 (the "Additional Notes"). The
Company intends to use all of the net proceeds from this offering
for general corporate purposes, including, but not limited to,
supporting the growth of its U.S. business.
Dodridge Miller, Group President
and CEO of the Company said, "We are pleased with the successful
completion and appreciate the ongoing support from Caribbean and international investors. The
additional capital will help support our growth initiatives and
strategic plan going forward."
The Additional Notes are a further issuance of the Company's
5.300% Senior Notes due May 13, 2028,
which were originally issued in May
2021. They were priced at 101.500% of their face amount and
will bear interest at a fixed annual rate of 5.300% until
May 13, 2028. The interest will
be payable on a semi-annual basis on May
13 and November 13 of each
year, commencing May 13, 2022.
With the Additional Notes, the total outstanding amount of
Sagicor's 5.300% Senior Notes is U.S $550
million.
The Additional Notes have been given a rating of BB+ (stable) by
S&P Global Rating Services and BB- (stable) by Fitch Ratings,
Inc.
Global coordinators and joint-book-running managers for the
Additional Notes were J.P. Morgan Securities LLC and RBC Capital
Markets, LLC. with Jamaica Money Market Brokers Limited ("JMMB")
and Sagicor Investments Jamaica Limited as joint bookrunners.
The Additional Notes were offered by way of private placement
and have not been and will not be registered or qualified under the
U.S. Securities Act of 1933, as amended (the "Securities Act"), any
Canadian securities laws or any securities laws of any other
jurisdiction. The Additional Notes were offered and sold only to
"qualified institutional buyers" as defined in and in accordance
with Rule 144A under the Securities Act and outside the United States in accordance with
Regulation S under the Securities Act and applicable local
securities laws. A credit rating or a stability rating is not a
recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time by the credit rating
organization.
This press release is for informational purposes only and does
not constitute or form part of any offer or invitation to purchase,
or any solicitation of any offer to sell, the Additional Notes or
any other securities in Canada,
the United States or any other
country, nor shall it or any part of it, or the fact of its
release, form the basis of, or be relied on or in connection with,
any contract therefor.
About Sagicor Financial Company Ltd.
Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial
services provider in the Caribbean, with over 180 years of history, and
has a growing presence as a provider of life insurance products in
the United States. Sagicor offers a wide range of products
and services, including life, health, and general insurance,
banking, pensions, annuities, and real estate. Sagicor's
registered office is located at Clarendon House, 2 Church Street,
Hamilton, HM 11, Bermuda, with its principal office located at
Cecil F De Caires Building, Wildey, St.
Michael, Barbados. Additional information about
Sagicor can be obtained by visiting www.sagicor.com.
Cautionary Statements
Certain information contained in this news release may
be forward-looking statements within the meaning of Canadian
securities laws. Forward-looking statements are often, but not
always identified by the use of words such as "expect",
"anticipate", "believe", "foresee", "could", "estimate", "goal",
"intend", "plan", "seek", "will", "may", "would" and "should" and
similar expressions or words suggesting future outcomes. This news
release includes forward-looking information and statements. These
forward-looking statements reflect material factors and
expectations and assumptions of Sagicor. Sagicor's estimates,
beliefs and assumptions are inherently subject to uncertainties and
contingencies regarding future events and as such, are subject to
change. Risks and uncertainties not presently known to
Sagicor or that it presently believes are not material could cause
actual results or events to differ materially from those expressed
in its forward-looking statements. Additional information on these
and other factors that could affect events and results are included
in other documents and reports that will be filed by Sagicor with
applicable securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com). Readers are cautioned
not to place undue reliance on these forward-looking statements,
which reflect Sagicor's expectations only as of the date of this
document. Sagicor disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
law.
SOURCE Sagicor Financial Company Ltd.