Aug 2015 Financial News

Sagicor Financial Corporation - New USD Bond

Aug 18, 2015

Sagicor Finance (2015) Limited, a member of the Sagicor Group, successfully issued a new seven-year bond on August 11, 2015 in order to refinance debt, including the US$150 million 10 year bond due in 2016. This new US$320 million bond matures in 2022, and comes with an 8.875% fixed rate of interest for the period with interest payable semi-annually.

JP Morgan and Scotiabank, the joint book runners for the Bond, successfully completed the transaction on behalf of Sagicor. In a recent press release, Scotiabank VP, Dylan Coke, stated, “It is important to note that not only was the Bond very successful overall, there was a robust demand for it within the Region.” He added that approximately a third of the Bond’s takers were Caribbean investors.

Rating agencies Standard & Poor’s and Fitch, have both given the Bond issue a ‘B’ rating. This rating has been capped in line with the sovereign rating for Barbados.

ABOUT SAGICOR
Sagicor is a leading provider of financial services in the Caribbean. Operating in 22 countries, including the USA and Latin America, Sagicor has total assets of US $6.2 billion, and $774 million in capital. The Sagicor Group offers a wide range of products and services including life insurance, annuities and group and individual health, and has an insured base in the region of two (2) million. Sagicor is a widely-held publicly- traded company with over 37,000 Shareholders, and is listed on the stock exchanges of Barbados, Trinidad and Tobago and London.

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday August 18, 2015