Genworth MI Canada to redeem C$100 million of 5.68% debentures June 26

By Angela McDaniels

Tacoma, Wash., May 23 – Genworth MI Canada Inc. will redeem C$100 million principal amount, or 36.4%, of its outstanding 5.68% debentures due June 15, 2020, according to a company news release.

The redemption date is June 26.

The redemption price will be equal to the greater of the Canada yield price and par. The company will also pay accrued interest to the redemption date.

The Canada yield price means a price that would provide a yield from the redemption date to June 15, 2020 equal to the Government of Canada yield plus 58 basis points, compounded semiannually.

The company also announced that it completed the reopening of its 4.242% debentures due April 1, 2024.

The company originally issued C$160 million of the debentures in 2014 and C$100 million in the reopening.

Based in Toronto, Genworth MI Canada provides private residential mortgage insurance through Genworth Financial Mortgage Insurance Co. Canada.

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