By Christine Van Dusen
Atlanta, Aug. 4 – Barbados-based Sagicor Financial Corp. priced $320 million notes due in 2022 (expected ratings: /B/B) at a yield of 9 1/8% on Tuesday, a market source said.
The notes were talked at a yield in the low-9% area.
JPMorgan and Scotiabank were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for refinancing.
Other details were not immediately available on Tuesday.
The issuer is an insurance and financial services provider that focuses its business on Latin America and other markets.
| Issuer: | Sagicor Financial Corp.
|
| Amount: | $320 million
|
| Maturity: | 2022
|
| Description: | Notes
|
| Bookrunners: | JPMorgan, Scotiabank
|
| Yield: | 9 1/8%
|
| Call options: | Non-callable for four years
|
| Trade date: | Aug. 4
|
| Expected ratings: | Standard & Poor's: B
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low-9% area
|
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