Genworth MI Canada details redemption price for 4.59% notes due 2015

By Toni Weeks

San Luis Obispo, Calif., April 28 - Genworth MI Canada Inc. announced the redemption price for the planned redemption of its 4.59% debentures due Dec. 15, 2015.

According to a notice, the notes will be redeemed on May 1 at an aggregate redemption price of C$157,249,500 plus C$2,584,232.88 of accrued interest.

The price is equal to the greater of the Canada Yield price and the principal amount of debentures, plus accrued interest. The Canada Yield price is equal to the price of the debentures calculated to provide a yield from the redemption date to the maturity date equal to the Government of Canada market yield plus 52 basis points, compounded semiannually, as determined three business days prior to the date of redemption.

Oakville, Ont.-based Genworth MI Canada provides private residential mortgage insurance in Canada.

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