|By PR Newswire||
|April 1, 2014 11:51 AM EDT||
/THIS PRESS RELEASE MAY NOT BE PUBLISHED, DISTRIBUTED OR TRANSMITTED IN OR INTO THE UNITED STATES OR OVER UNITED STATES WIRE OR NEWS SERVICES./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, April 1, 2014 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced today that it has completed its previously announced offering of $160 million of 4.242% debentures due April 1, 2024 (the "Debentures"). The offering was made through a syndicate of agents led by Scotiabank, BMO Capital Markets, RBC Capital Markets and TD Securities Inc.
The Debentures have been rated A- by Standard & Poor's and AA(low) by DBRS. The Company intends to use the net proceeds of the offering primarily to reduce existing indebtedness.
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 almost 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, 2013, Genworth Canada, had $5.6 billion total assets and $3.0 billion 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 the Company's intention to 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 17, 2014. 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.
SOURCE Genworth MI Canada