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Sagicor Financial Company Limited's headquarters in St Michael, Barbados. (File photo)

Sagicor Financial Company buys back debt instrument

Sagicor Financial Company Limited's headquarters in St Michael, Barbados. (File photo)

Sagicor Financial Company Limited announced in a press release on the Trinidad and Tobago Stock Exchange website that its subsidiary Sagicor Finance (2015) Limited is intent on repurchasing a debt instrument which totals US$320 million and matures in 2022.

Offering a repurchase value of 101 per cent, the Barbados-headquartered Sagicor Finance will also make all outstanding interest payments owing to holders of the bond.

Sagicor Financial Company Limite announced in a press release on the Trinidad and Tobago Stock Exchange website its subsidiary Sagicor Finance (2015) Limited will repurchase its debt instrument which totals US$320 million and matures in 2022.

“…Sagicor Finance (2015) Limited is offering to repurchase all or any part of its US$320,000,000 aggregate principal amount of 8.875 per cent Senior Notes due 2022 at 101 per cent of the principal amount of the repurchased Notes, plus accrued and unpaid interest, if any, as required by the terms of the Notes,” the company stated in the release.

The offer, which will expire on January 22, 2020, comes after and is due to the acquisition of Sagicor Financial Corporation by Alignvest Acquisition II Corporation.