By Taylor Fox
New York, Feb. 18 – Sagen MI Canada Inc. closed its C$100 million bought deal offering of 4 million non-cumulative class A preferred shares, series 1, according to a news release. The preferreds have a 5.4% dividend.
Dividends will be payable on the last day of March, June, September and December, beginning on June 30.
The offering was underwritten by a syndicate of underwriters led by BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
The series 1 shares will trade on the Toronto Stock Exchange under the symbol “MICPrA.”
The company plans to use the proceeds to strengthen its capital base, for distributions to shareholders pursuant to which Brookfield Business Partners LP, together with certain of its affiliates and institutional partners will acquire all of the outstanding common shares of the company not already owned by Brookfield, and/or for general corporate purposes.
Sagen is a private sector residential mortgage insurer based in Ontario.
| Issuer: | Sagen MI Canada Inc.
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| Issue: | Class A preferred shares, series 1
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| Amount: | C$100 million, or 4 million shares
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| Underwriters: | BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities
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| Dividend: | 5.4%
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| Settlement date: | Feb. 18
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| Listing: | TSE: MICPrA
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