Subsidiary of Sagicor Financial Company Ltd. Issues Notice of Redemption in respect of 8.875% Senior Notes due 2022
Toronto and Barbados (June 11, 2021) – Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) today announced that its subsidiary, Sagicor Finance (2015) Limited, has issued a notice of redemption in respect of its 8.875% Senior Notes due 2022 (the “2022 Notes”). The Company expects that the 2022 Notes will be redeemed on August 11, 2021 pursuant to the terms of the note indenture governing the 2022 Notes at an aggregate redemption price of approximately US$188 million (being 100% of the remaining principal amount of the 2022 Notes being redeemed plus accrued and unpaid interest thereon). As previously announced, the redemption price is expected to be funded from the proceeds of the Company’s previously completed offering of US$400 million of 5.300% Senior Notes due May 13, 2028. Proceeds from the new offering were also used to repurchase approximately US$130 million principal amount of the 2022 Notes in May 2021.
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