Chicago, March 2 – Sagen MI Canada Inc. sold C$300 million of senior debentures due March 5, 2031 (BBB+/DBRS: A (high)), according to a press release.
The syndicate of agents was comprised of TD Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.
Proceeds from the redeemable notes will be used to strengthen the company’s capital base, for distributions to shareholders 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: | Senior debentures
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Amount: | C$300 million
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Maturity: | March 5, 2031
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Bookrunners: | TD Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.
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Coupon: | 3.261%
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Pricing date: | March 2
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Settlement date: | March 5
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Ratings: | S&P: BBB+
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| DBRS: A (high)
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Distribution: | Canada
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