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Transaction/Case Details

The Empire Life Insurance Company completes C$200M subordinated debenture issuance

DATE CLOSED

September 15, 2017

BUSINESS SECTOR

Financial Services

LEAD OFFICE

Toronto

VALUE

200 Million CAD


OVERVIEW

On September 15, 2017, The Empire Life Insurance Company (the “Corporation”) issued C$200 million principal amount of subordinated unsecured 3.664% fixed/floating debentures due March 15, 2028 (the “Debentures”). The Debentures were offered by  way of private placement on an agency basis by a syndicate of dealers, led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and which included Scotia Capital Inc., GMP Securities L.P., National Bank Financial Inc., RBC Dominion Securities Inc., and TD Securities Inc.

The Debentures will mature on March 15, 2028 and will bear interest at a fixed annual rate of 3.664% for the first five and a half years, payable semi-annually, and a variable rate equal to the 3-Month CDOR plus 1.53% for the last five years, payable quarterly. The net proceeds of the issue will be used for regulatory capital and general corporate purposes, which may include the redemption of outstanding debt.
McCarthy Tétrault LLP advised The Empire Life Insurance Company with a team consisting of Andrew Parker, Barry Ryan and Nicole Rumble.

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