NOT FOR RELEASE IN THE UNITED STATES
TORONTO and BARBADOS, June 20,
2024 /CNW/ - Sagicor Financial Company Ltd. (TSX:
SFC) ("Sagicor Financial" or "Sagicor" or the "Company") today
announced that it has closed its previously announced Canadian
private placement offering (the "Offering") of C$250 million aggregate principal amount of
6.359% Series 2024-1 Senior Unsecured Notes due June 20, 2029 (the "Notes"). The Notes are direct
senior unsecured indebtedness of the Company and rank equally and
ratably with all other senior unsecured and unsubordinated
indebtedness of the Company from time to time outstanding.
The Notes received credit ratings of BBB from S&P and BBB
(low) from Morningstar DBRS.
Sagicor intends to use the net proceeds of the Offering to repay
amounts owing under the Company's term loan facility (which was
incurred to fund a portion of the purchase price for the
acquisition of ivari) and related transaction costs.
The Notes were offered on a private placement basis through a
syndicate of agents co-led by National Bank Financial Markets and
RBC Capital Markets, supported by BMO Capital Markets, Scotia
Capital Inc., J.P. Morgan and Citigroup Global Markets Canada Inc.
in reliance on exemptions from the prospectus requirements under
applicable securities laws in certain provinces of Canada. The Notes have not been qualified for
sale to the public under applicable securities laws in Canada.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes or any other securities
of Sagicor in any jurisdiction, and is not an offer for sale within
the United States of any
securities of Sagicor. Securities of Sagicor, including any debt
securities, may not be offered or sold in the United States absent registration under
U.S. securities laws or unless exempt from registration under such
laws. The Offering described in this news release has not been and
will not be registered under U.S. securities laws. Accordingly, the
Notes may not be offered or sold in the
United States except in certain transactions exempt from the
registration requirements under applicable U.S. securities laws.
The Notes may be offered or sold in Bermuda only in compliance with the Investment
Business Act 2003 of Bermuda (as
amended) and non–Bermudian persons require authorization under
applicable legislation to carry on business in Bermuda, which may include offering or
marketing the Notes in Bermuda.
The offering memorandum and the Notes have not been and will not be
registered under the laws and regulations of Bermuda, nor has any regulatory authority in
Bermuda passed comment upon or
approved the accuracy or adequacy of the offering memorandum.
About Sagicor Financial Company Ltd.
Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial
services provider with over 180 years of history in the
Caribbean, over 90 years of
history in Canada, and a growing
presence in the United States with
over 70 years of history. Sagicor offers a wide range of products
and services, including life, health, and general insurance,
banking, pensions, annuities, investment management, 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. Forward-looking statements are often,
but not always identified by the use of words such as "expect",
"anticipate", "target", "believe", "foresee", "could", "estimate",
"goal", "intend", "plan", "seek", "will", "may", "would" and
"should" and similar expressions or words suggesting future
outcomes. Examples of forward-looking information in this press
release include, but are not limited to, the expected use of the
net proceeds of the Offering and the anticipated benefits of the
Offering, which are subject to significant risks and uncertainties.
These forward-looking statements reflect material factors and
expectations and assumptions of Sagicor. Sagicor's estimates,
beliefs, assumptions and expectations contained herein 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.sedarplus.ca). Readers are cautioned not to place
undue reliance on these forward-looking statements contained
herein, which reflect Sagicor's estimates, beliefs, assumptions and
expectations only as of the date of this document. Sagicor
disclaims any obligation to update or revise any forward-looking
statements contained herein, whether as a result of new
information, new assumptions, future events or otherwise, except as
expressly required by law.
SOURCE Sagicor Financial Company Ltd.