/NOT FOR RELEASE IN THE UNITED STATES/
TORONTO and BARBADOS ,
June 13,
2024 /CNW/ - Sagicor Financial Company Ltd. (TSX:
SFC) ("Sagicor" or "Sagicor Financial" or the "Company") today
announced that it has priced a 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 will be direct senior unsecured indebtedness of
the Company and will rank equally and ratably with all other senior
unsecured and unsubordinated indebtedness of the Company from time
to time outstanding.
Sagicor expects the Offering to close on June 20, 2024, subject to the satisfaction of
customary closing conditions. The Notes are expected to receive
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 are being 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.
Forward-Looking Information
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
rating of the Notes, the successful closing 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.