On Feb. 18, Sagen MI Canada Inc., formerly Genworth MI Canada Inc. (the Company), completed an offering of non-cumulative preferred shares of the Company for gross proceeds of $100 million. The offering was conducted on a bought deal basis through a syndicate of underwriters led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. (collectively, the Dealers).
On Mar. 5, the Company completed an offering of an aggregate of $300 million principal amount of senior unsecured debentures. The offering was conducted on a reasonable best efforts agency basis through the Dealers and led by TD Securities Inc.
On Mar. 23, the Company completed an offering of an aggregate of $150 million principal amount of fixed-to-fixed rate subordinated notes convertible into preferred shares of the Company. The offering was conducted on a reasonable best efforts agency basis through the Dealers and led by RBC Dominion Securities Inc.
The proceeds of such financings are intended to be used by the Company, first, to strengthen the Company’s capital base; second, for distributions to shareholders, subject to the completion of the previously announced plan of arrangement pursuant to which Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (collectively, Brookfield), will acquire all of the outstanding common shares of the Company not already owned by Brookfield; and/or third, for general corporate purposes.
An in-house legal team that included Winsor Macdonell and Robert Piroli represented the Company.
Blake, Cassels & Graydon LLP acted as external counsel to the Company, with a team that included
Jeff Lloyd,
Shlomi Feiner,
Joe Zed,
David Bristow,
Andrew Wang,
Elliot Seetner,
Jeremy Ungerman-Sears (corporate/securities),
Paul Belanger (financial services),
Paul Stepak,
Chris Van Loan,
Peter Lee (tax).
Stikeman Elliott LLP acted as counsel to the Dealers, with a team that included
D’Arcy Nordick,
Victor MacDiarmid,
Precia Darshan,
Jamil Visram (corporate/securities),
Stuart Carruthers (insurance),
Jonathan Wilson (tax).
Torys LLP acted as counsel to Brookfield, with a team that included
Karrin Powys-Lybbe,
Josh Lavine,
Carly Klinkhoff,
Jesse Leonard (corporate/securities).
Goodmans LLP acted as counsel to the special committee of the board of directors of the Company, with a team led by
Chris Sunstrum,
Robert Vaux.