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Empire Life Insurance to issue C$200M of debentures

Empire Life Insurance Co. plans to issue in Canada C$200 million principal amount of subordinated unsecured 3.383% fixed/floating debentures due Dec. 16, 2026, through a private placement.

The offering is expected to close Dec. 16.

Net proceeds from the offering will be used for regulatory capital and general corporate purposes.

The debentures will bear interest at a fixed annual rate of 3.383% for the first five years, payable semiannually, and a variable rate equal to the three-month Bankers' Acceptance Rate plus 1.95% for the last five years, payable quarterly.

CIBC World Markets Inc. will lead the offering's syndicate of dealers, which includes BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.

Empire Life Insurance is a unit of E-L Financial Corp. Ltd.