By Devika Patel
Knoxville, Tenn., Dec. 9 – Empire Life Insurance Co. priced a C$200 million offering of 3.383% fixed-to-floating rate subordinated unsecured debentures (//DBRS: A (low)) due Dec. 16, 2026, according to a press release.
CIBC World Markets Inc. is the bookrunner.
The notes bear interest at a fixed rate for the first five years and then carry a coupon equal to the three-month bankers' acceptance rate plus 195 basis points for the last five years.
Proceeds will be used for regulatory capital and general corporate purposes.
The Kingston, Ont.-based individual and group life and health insurance and investment company is a subsidiary of E-L Financial Corp. Ltd.
| Issuer: | Empire Life Insurance Co.
|
| Amount: | C$200 million
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| Description: | Fixed-to-floating rate subordinated unsecured debentures
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| Maturity: | Dec. 16, 2026
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| Bookrunner: | CIBC World Markets Inc.
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| Co-managers: | BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
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| Coupon: | 3.383% for first five years, then three-month bankers' acceptance rate plus 195 bps
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| Trade date: | Dec. 9
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| Settlement date: | Dec. 16
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| Rating: | DBRS: A (low)
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