Sagicor Financial Closes C$200 million Term Loan Credit Facility Refinancing

TORONTO and BARBADOS, Dec. 4, 2024 /CNW/ - Sagicor Financial Company Ltd. (TSX: SFC) ("Sagicor Financial") today announced it has completed the closing of a new C$200 million term loan credit facility with a syndicate of major Canadian and U.S. banks. Net proceeds of this transaction were primarily used to repay the outstanding principal amount of the existing term loan used to acquire ivari in the amount of approximately US$113 million.

Andre Mousseau, President and Chief Executive Officer, Sagicor Financial Company Ltd., said:

"We are pleased to execute our second debt financing in the Canadian marketplace since regaining our investment grade credit ratings. With this refinancing, we have now fully repaid the term financing drawn in 2023 associated with our acquisition of ivari, with expected total savings of over US$12 million of annual interest costs. This is an important step in our path to grow our return on equity."

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. 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 the financial information or 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.

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