New Issue: Genworth prices C$160 million 4.242% 10-year debentures with 180 bps spread

By Cristal Cody

Tupelo, Miss., March 26 - Genworth MI Canada Inc. sold an upsized C$160 million of 4.242% 10-year senior debentures at par on Wednesday following a two-day roadshow in Canada, according to the company and an informed source.

The debentures (/A-/DBRS: AA) priced with a spread of 180 basis points over the interpolated Government of Canada bond curve, on the tight side of guidance of 185 bps, plus or minus 5 bps.

The deal was upsized from C$150 million.

Scotia Capital Inc., BMO Capital Markets Corp., RBC Dominion Securities Inc. and TD Securities Inc. were the lead managers.

Oakville, Ont.-based Genworth MI Canada, a private residential mortgage insurance provider, plans to use the proceeds primarily to reduce existing debt and for general corporate purposes.

Issuer:	Genworth MI Canada Inc.
Amount:	C$160 million, upsized from C$150 million
Maturity:	April 1, 2024
Securities:	Senior debentures
Bookrunners:	Scotia Capital Inc., BMO Capital Markets Corp., RBC Dominion Securities Inc., TD Securities Inc.
Co-managers:	National Bank Financial Inc., CIBC World Markets Inc., Desjardins Securities Inc., Casgrain & Co. Ltd.
Coupon:	4.242%
Price:	Par
Yield:	4.242%
Spread:	180 bps over interpolated Government of Canada bond curve
Price talk:	185 bps, plus or minus 5 bps, over interpolated Government of Canada bond curve
Call feature:	Government of Canada bond yield plus 45 bps
Pricing date:	March 26
Settlement date:	April 1
Ratings:	Standard & Poor's: A-
	DBRS: AA
Distribution:	Canada
Marketing:	Roadshow

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