/THIS PRESS RELEASE MAY NOT BE PUBLISHED, DISTRIBUTED OR TRANSMITTED IN OR INTO THE UNITED STATES OR OVER UNITED STATES WIRE OR NEWS SERVICES./

TORONTO, May 16, 2019 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced today that it has agreed to issue $100 million of debentures (the "Debentures"). The Debentures will be direct, unsecured and unsubordinated obligations of the Company and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Company. The Debentures are to be offered by a syndicate of agents led by Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc. and including National Bank Financial Inc. and Casgrain & Company Limited.

The Debentures represent a re-opening of the Company's outstanding 4.242% Debentures due April 1, 2024. The Company issued $160,000,000 aggregate principal amount of the 2024 Debentures on April 1, 2014 and, upon closing of the offering of the Debentures, $260 million aggregate principal amount of the 2024 Debentures will be issued and outstanding. The Debentures will form a single series with and will have the same terms as to status, redemption or otherwise, as the 2024 Debentures.

The 2024 Debentures bear interest at a fixed annual rate of 4.242% payable semi-annually in equal installments in arrears on April 1 and October 1 in each year until maturity on April 1, 2024. The first payment on the Debentures will include accrued and unpaid interest for the period from and including April 1, 2019 (being the date of the last interest payment applicable in respect of the outstanding 2024 Debentures) to but excluding October 1, 2019.

The 2024 Debentures have been assigned a rating of A (high) by DBRS and a rating of BBB+ by Standard & Poor's. The Company intends to use the net proceeds of the Offering for the potential redemption, refinancing, and repayment of outstanding indebtedness, and for liquidity and capital management purposes.

The Debentures are expected to be issued on May 22, 2019. Details of the offering will be set out in a prospectus supplement to the Company's short form base shelf prospectus dated October 2, 2018, which the Company intends to file in Canada and which will be available on SEDAR at www.sedar.com.

The Debentures have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act. This press release does not constitute an offer to sell or a solicitation to buy the Debentures in the United States.

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 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 March 31, 2019, the Company had $6.9 billion total assets and $4.1 billion total shareholders' equity. Find out more at www.genworth.ca.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, the Company's plans, objectives, expectations and intentions, including the Company's expectations regarding future developments in connection with the offering of Debentures and the Company's intention reduce existing indebtedness, and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", or similar expressions, as they relate to the Company are intended to identify forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the Company's control. The Company's actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company's Annual Information Form dated March 22, 2019. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact Information:

Investors — Jonathan Pinto, 905-287-5482 [email protected]
Media — Susan Carter, 905-287-5520 or [email protected] 

SOURCE Genworth MI Canada

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