/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
TORONTO, March 5, 2021 /CNW/ - Sagen MI Canada Inc.
(TSX: MIC) (the "Company") announced today that it completed its
previously announced offering (the "Offering") of $300 million of 3.261% debentures due
March 5, 2031. The Offering was made
through a syndicate of agents led by TD Securities, including
Scotia Capital, BMO Capital Markets, CIBC World Markets, National
Bank Financial and RBC Capital Markets.
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
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
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
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.
Sagen is a trademark owned by Sagen MI Canada Inc.
For further information:
Investors - Aaron Williams,
Media - Susan Carter,
SOURCE Sagen MI Canada Inc.