Sagen MI Canada Inc. Announces Redemption Price for 4.242% Debentures due April 1, 2024

TORONTO, June 14, 2023 /CNW/ - Sagen MI Canada Inc. (the "Company") (TSX: MIC) announced on May 19, 2023 that it would redeem all of its outstanding 4.242% debentures due April 1, 2024 (the "Debentures"), being $169.934 million aggregate principal amount, on June 19, 2023 (the "Redemption Date"). Today, the Company has determined the redemption price according to the method and process outlined in the trust indenture governing the Debentures.

Pursuant to the terms of the trust indenture governing the Debentures, the Debentures will be redeemed on the Redemption Date at a price equal to the greater of the "Canada Yield Price" and par, together in each case with accrued and unpaid interest to the Redemption Date. The Canada Yield Price, calculated today in accordance with the governing trust indenture, is approximately $991.70 per $1,000 of principal amount of Debentures. Accordingly, all of the outstanding Debentures will be redeemed on the Redemption Date at par, plus $9.18131503995669 per $1,000 of principal amount of Debentures for accrued and unpaid interest up to, but excluding, the Redemption Date of June 19, 2023. The aggregate redemption price payable by the Company on such date, including accrued and unpaid interest, is approximately $171,494,218.

About Sagen MI Canada Inc.

Sagen MI Canada Inc., operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada (doing business as Sagen^TM), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Sagen differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31st, 2023, the Company had $6.7 billion total assets and $2.8 billion shareholders' equity. Find out more at www.sagen.ca.

Caution regarding forward-looking information and statements

Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, statements with respect to the Company's expectations regarding its intention to redeem the Debentures, and other statements contained in this release that are not historical facts.

Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.

For further information: 
Investors – Philip Mayers, 905-287-5393, [email protected]
Media – Susan Carter, 905-287-5520, susan[email protected]

SOURCE Sagen MI Canada Inc.