Genworth MI Canada Inc. Completes Issuance of $300 Million of Unsecured Debentures due March 1, 2027 and Announces Redemption on March 23, 2020 of its Outstanding 5.68% Debentures due June 15, 2020

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Genworth MI Canada Inc. Completes Issuance of $300 Million of Unsecured Debentures due March 1, 2027 and Announces Redemption on March 23, 2020 of its Outstanding 5.68% Debentures due June 15, 2020

Canada NewsWire

TORONTO, Feb. 20, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced that it today completed its previously announced offering (the "Offering") of $300 million of 2.955% debentures due March 1, 2027 (the "Debentures"). The offering was made through a syndicate of agents led by CIBC World Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and TD Securities Inc., and including National Bank Financial Inc.

The Company also announced today that it will redeem all of its outstanding 5.68% debentures due June 15, 2020 (the "Redeemed Debentures"). The Company has given notice to the registered holder of the Redeemed Debentures that it will redeem on March 23, 2020 (the "Redemption Date") the outstanding $175 million aggregate principal amount of Redeemed Debentures.

Pursuant to the terms of the trust indenture governing the Redeemed Debentures, the Redeemed 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, with respect to any redemption date, means a price which would provide a yield from the Redemption Date to June 15, 2020 equal to the Government of Canada Yield, plus 58 basis points (0.58%), compounded semi-annually.

About Genworth MI Canada Inc.

Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), 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. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system.  As at December 31, 2019, the Company had $6.8 billion total assets and $3.9 billion shareholders' equity. Find out more at

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this press 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, the Company's plans, objectives, expectations and intentions, including the Company's expectations regarding its intention to redeem the Redeemed 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.

Contact Information:

Investors: Aaron Williams, 905-287-5504 or [email protected] 
Media: Susan Carter, 905-287-5520 or [email protected] 

SOURCE Genworth MI Canada

View original content:

Copyright CNW Group 2020

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).