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Sagicor Financial reports small take-up from debt buyback

Sagicor Financial Company Ltd last Thursday announced the expiration of the offer by its subsidiary, Sagicor Finance (2015) Limited, to buy back all or a portion of its 8.875 per cent Senior Notes due 2022.

The note’s original value was US$320,000,000 in aggregate principal. However, Sagicor Finance offered to repurchase the debt at 101 per cent of the principal amount plus accrued and unpaid interest.

According to the Barbados-headquartered institution, “The offer expired on January 22, 2020, and tenders from the holders of US$1,897,000 — or approximately 0.59 per cent of the total outstanding principal amount of the notes — were received.”

(Photo: Sagicor)

The company’s offer came on the heels of the recently completed merger of Sagicor Financial Corporation Limited and SFC (formerly known as Alignvest Acquisition II Corporation), which was completed on December 5, 2019.