By Cristal Cody
Tupelo, Miss., Sept. 12 – The Empire Life Insurance Co. announced on Tuesday that it priced C$200 million of 3.664% fixed-to-floating rate subordinated debentures due March 15, 2028 in a private placement.
The debentures (DBRS: A) will bear a fixed rate for five years and then a variable rate equal to the three-month CDOR plus 153 basis points.
BMO Nesbitt Burns Inc. and CIBC World Markets Inc. were the bookrunners.
The proceeds of the issue will be used for regulatory capital and general corporate purposes, which may include the redemption of outstanding debt.
Empire Life Insurance is a Kingston, Ont.-based life insurance company.
| Issuer: | Empire Life Insurance Co.
|
| Amount: | C$200 million
|
| Description: | Fixed-to-floating rate subordinated debentures
|
| Maturity: | March 15, 2028
|
| Bookrunners: | BMO Nesbitt Burns Inc. and CIBC World Markets Inc.
|
| Co-managers: | Scotia Capital Inc., GMP Securities LP, National Bank Financial Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Coupon: | 3.664%; converts to variable rate after five years at three-month CDOR plus 153 bps
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 15
|
| Rating: | DBRS: A
|
| Distribution: | Canada private placement
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