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 SagenTM), 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,
philip.mayers@sagen.ca
Media – Susan Carter,
905-287-5520, susan.carter@sagen.ca
SOURCE Sagen MI Canada Inc.