TORONTO and BARBADOS, Dec. 4, 2024
/CNW/ - Sagicor Financial Company Ltd. (TSX: SFC) ("Sagicor
Financial") today announced it has completed the closing of a new
C$200 million term loan credit
facility with a syndicate of major Canadian and U.S. banks. Net
proceeds of this transaction were primarily used to repay the
outstanding principal amount of the existing term loan used to
acquire ivari in the amount of approximately US$113 million.
Andre Mousseau, President and
Chief Executive Officer, Sagicor Financial Company Ltd.,
said:
"We are pleased to execute our second debt financing in the
Canadian marketplace since regaining our investment grade credit
ratings. With this refinancing, we have now fully repaid the term
financing drawn in 2023 associated with our acquisition of ivari,
with expected total savings of over US$12
million of annual interest costs. This is an important step
in our path to grow our return on equity."
About Sagicor Financial Company Ltd.
Sagicor Financial
Company Ltd. (TSX: SFC) is a leading financial services provider
with over 180 years of history in the Caribbean, over 90 years of history in
Canada, and a growing presence in
the United States with over 70
years of history. Sagicor offers a wide range of products and
services, including life, health, and general insurance, banking,
pensions, annuities, investment management, and real estate.
Sagicor's registered office is located at Clarendon House, 2 Church
Street, Hamilton, HM 11,
Bermuda, with its principal office
located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional
information about Sagicor can be obtained by visiting
www.sagicor.com.
Forward-Looking Information
Certain information contained in this news release may be
forward-looking statements. Forward-looking statements are
often, but not always, identified by the use of words such as
"expect", "anticipate", "target", "believe", "foresee", "could",
"estimate", "goal", "intend", "plan", "seek", "will", "may",
"would" and "should" and similar expressions or words suggesting
future outcomes. These forward-looking statements reflect material
factors and expectations and assumptions of Sagicor. Sagicor's
estimates, beliefs, assumptions and expectations contained herein
are inherently subject to uncertainties and contingencies regarding
future events, and as such, are subject to change. Risks and
uncertainties not presently known to Sagicor or that it presently
believes are not material could cause actual results or events to
differ materially from those expressed in its forward-looking
statements. Additional information on these and other factors that
could affect events and results are included in other documents and
reports that will be filed by Sagicor with applicable securities
regulatory authorities and may be accessed through the SEDAR+
website (www.sedarplus.ca). Readers are cautioned not to place
undue reliance on the financial information or forward-looking
statements contained herein, which reflect Sagicor's estimates,
beliefs, assumptions and expectations only as of the date of this
document. Sagicor disclaims any obligation to update or revise any
forward-looking statements contained herein, whether as a result of
new information, new assumptions, future events or otherwise,
except as expressly required by law.
SOURCE Sagicor Financial Company Ltd.