Sagicor Financial Prices C$250 Million Private Placement Notes Offering

/NOT FOR RELEASE IN THE UNITED STATES/

TORONTO and BARBADOS , June 13, 2024 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC) ("Sagicor" or "Sagicor Financial" or the "Company") today announced that it has priced a Canadian private placement offering (the "Offering") of C$250 million aggregate principal amount of 6.359% Series 2024-1 Senior Unsecured Notes due June 20, 2029 (the "Notes"). The Notes will be direct senior unsecured indebtedness of the Company and will rank equally and ratably with all other senior unsecured and unsubordinated indebtedness of the Company from time to time outstanding.

Sagicor expects the Offering to close on June 20, 2024, subject to the satisfaction of customary closing conditions. The Notes are expected to receive credit ratings of BBB from S&P and BBB (low) from Morningstar DBRS.

Sagicor intends to use the net proceeds of the Offering to repay amounts owing under the Company's term loan facility (which was incurred to fund a portion of the purchase price for the acquisition of ivari) and related transaction costs.

The Notes are being offered on a private placement basis through a syndicate of agents co-led by National Bank Financial Markets and RBC Capital Markets, supported by BMO Capital Markets, Scotia Capital Inc., J.P. Morgan and Citigroup Global Markets Canada Inc. in reliance on exemptions from the prospectus requirements under applicable securities laws in certain provinces of Canada. The Notes have not been qualified for sale to the public under applicable securities laws in Canada.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities of Sagicor in any jurisdiction, and is not an offer for sale within the United States of any securities of Sagicor. Securities of Sagicor, including any debt securities, may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws. The Offering described in this news release has not been and will not be registered under U.S. securities laws. Accordingly, the Notes may not be offered or sold in the United States except in certain transactions exempt from the registration requirements under applicable U.S. securities laws. The Notes may be offered or sold in Bermuda only in compliance with the Investment Business Act 2003 of Bermuda (as amended) and non–Bermudian persons require authorization under applicable legislation to carry on business in Bermuda, which may include offering or marketing the Notes in Bermuda. The offering memorandum and the Notes have not been and will not be registered under the laws and regulations of Bermuda, nor has any regulatory authority in Bermuda passed comment upon or approved the accuracy or adequacy of the offering memorandum.

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. Examples of forward-looking information in this press release include, but are not limited to, the expected rating of the Notes, the successful closing of the Offering and the anticipated benefits of the Offering, which are subject to significant risks and uncertainties. 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 these 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.

Media: Ingrid Card, VP, Communications & Brand Experience, Tel: [phone], [email protected]; Investors: George Sipsis, EVP, Corporate Development & Capital Markets, Tel: [phone], [email protected] or [email protected]