Sagicor Financial Company Completes $400 Million Senior Notes Offering
May 17, 2021
New York – Paul Hastings LLP, a leading global law firm, represented Sagicor Financial Company Ltd. in the completion of its previously announced offering of US$400 million of 5.300% Senior Notes due May 13, 2028.
Sagicor used partial proceeds of the transaction to repurchase US$130 million aggregate principal amount of its 8.875% Senior Notes due 2022 issued by its subsidiary Sagicor Finance (2015) Limited (the “2022 Notes”). Sagicor also intends to repurchase the remaining US$188 million of 2022 Notes later this year using part of the proceeds. Sagicor expects to retain approximately US$70 million of net cash proceeds to be used for general corporate purposes.
Global coordinators and joint-book-running managers for the New Notes were J.P. Morgan Securities LLC and RBC Capital Markets, LLC, with Jamaica Money Market Brokers Limited and Sagicor Investments Jamaica Limited as joint bookrunners.
Corporate Finance practice partner Cathleen McLaughlin led the Paul Hastings team, which also included associates Alex Herman, Inho Ko, Juan Martin Estrada, Anna Barbosa, Alejandra Cuadra, and Eduardo Morande.
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