Aug 2015 Financial News

Sagicor Financial Corporation - Sagicor Bond Deal - Trinidad

Aug 17, 2015

SCOTIABANK CONCLUDES US$ 320M BOND TRANSACTION FOR SAGICOR FINANCIAL CORPORATION

Port of Spain, Trinidad, August 14, 2015 — Scotiabank has successfully completed a US$320mm 8.875% 7-year bond transaction on behalf of Sagicor Financial Corporation (Sagicor), the Caribbean’s leading provider of insurance products and related financial services. Scotia Capital (USA) Inc. and JP Morgan Securities LLC were joint book - running managers on the transaction, with Scotiabank Trinidad and Tobago Limited and Scotia Investments Jamaica Limited serving as broker dealers for Caribbean investors.

“This transaction is an affirmation of the breadth and strength of Scotiabank’s international footprint to expand the range of financing solutions available to our clients,” said Franco De Nigris, Director of Debt Capital Markets for Latin America and the Caribbean, Scotia Capital (USA) Inc.

“Scotiabank has a strong 126 year history in the Caribbean. We are committed to the region and are pleased to be able to bring this bond to Caribbean investors” said Anya M. Schnoor – Senior Vice President and Managing Director, Scotiabank Trinidad and Tobago Limited. “It is important to note that not only was the bond very successful overall, there was a robust demand for it within the region, and this is a testament both to the high-quality of the company and the depth of the capital markets here,” Schnoor continued. Approximately a third of the bond’s takers were Caribbean investors.

The transaction is rated B/B by S&P and Fitch. Despite a difficult market environment that had seen little issuance from Latin America and the Caribbean, the transaction was well received by investors. Proceeds from the transaction are targeted to refinance Sagicor’s entire capital structure including the company’s outstanding US$150mm 7.5% 144A/Reg S bonds maturing in May 2016.

About Scotiabank
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 86,000 employees and assets of $837 billion (as at April 30, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank’s media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

For further information, please contact
Cindy Mohammed – Manager, Public and Corporate Affairs, Sponsorship and Philanthropy
Scotiabank Trinidad and Tobago Limited
Cor. Western Main Road and Bengal Street
St. James
622 - 9408 ext. 3242
cindy.mohammed@scotiabank.com

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday August 17, 2015