Sagen MI considers new debenture offering

Chicago, Feb. 26 – Sagen MI Canada Inc. announced that the company is considering a new debenture offering, according to a press release.

Proceeds from a successful offering would be used to strengthen the company’s capital base, for distributions to shareholders and possibly for general corporate purposes.

Any distribution to shareholders would be subject to the completion of a previously announced plan of arrangement 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.

Sagen is a private sector residential mortgage insurer based in Ontario, previously known as Genworth Canada.

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