Sagen MI Canada sets redemption date for 4.242% debentures due 2024

By Marisa Wong

Los Angeles, May 19 – Sagen MI Canada Inc. announced it will redeem all of its outstanding 4.242% debentures due April 1, 2024 on June 19.

There is $169,934,000 aggregate principal amount of the debentures outstanding.

The debentures will be redeemed at the greater of the Canada yield price – yield from the redemption date to April 1, 2024 equal to the Government of Canada yield plus 45 basis points, compounded semiannually – and par, along with accrued interest to the redemption date.

The company will redeem the 2024 debentures using proceeds of its issuance of new senior debentures, as previously reported.

Sagen is a private sector residential mortgage insurer based in Toronto.

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