press releases

Toronto and Barbados (December 8, 2021) – Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) announced today that it proposes an additional offering of US$150 million of 5.300% Senior Notes due 2028 (the “Additional Notes”). The Company, and Sagicor Life Inc. as guarantor, have entered into a note purchase agreement with J.P. Morgan Securities LLC and RBC Capital Markets, LLC as representatives of the several initial purchasers party thereto, in connection with the issuance of the Additional Notes. The offering of Additional Notes represents a re-opening of the US$400 million of 5.300% Senior Notes Due May 13, 2028 (the “Initial Notes”), which closed in May 2021. The Additional Notes will be subject to the same terms and conditions as the Initial Notes. The Company expects to settle the Additional Notes offering on or about December 15, 2021, subject to the satisfaction of the conditions of closing thereto. 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 in its U.S. business.

The Additional Notes would only be offered to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “Act”), or to non-U.S. persons in “offshore transactions” outside the United States in accordance with Regulation S thereunder and applicable local securities laws. The securities have not been and will not be registered under the Act, any Canadian securities laws, any state securities laws or any securities laws of any other jurisdiction. The Additional Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Act. The Additional Notes may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

This press release is for information purposes only and does not constitute or form part of any offer, 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.