Standard Life completes Cdn debenture issue

By Staff | September 17, 2012 | Last updated on September 17, 2012
1 min read

Standard Life Assurance Company of Canada is issuing a $400 million principal amount of 3.9% fixed/floating subordinated debentures, due September 21, 2022.

The proceeds will be used for general corporate purposes and may be used to repay an existing internal debt to Standard Life PLC.

“We’ve taken advantage of favourable market conditions to optimize our capital position and provide the company with additional financial flexibility,says Charles Guay, president and CEO.

Read: Regulators spur formalization of contingent capital

The debentures will bear interest at a fixed rate of 3.9% for 5 years, and then 2.10% over the 3-month CDOR. The Debentures will mature on September 21, 2022.

The offering was co-led by RBC Capital Markets and BMO Capital Markets, with Bank of America Merrill Lynch and Casgrain & Company acting as co-managers.

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