Sagicor Financial completed the closing of a new C$200 million term loan credit facility with a syndicate of Canadian and U.S. banks. Net proceeds of this transaction were primarily used to repay the outstanding principal amount of the existing term loan used to acquire ivari in the amount of approximately $113 million.
“We are pleased to execute our second debt financing in the Canadian marketplace since regaining our investment grade credit ratings,” Andre Mousseau, president and CEO of Sagicor, said. “With this refinancing, we have now fully repaid the term financing drawn in 2023 associated with our acquisition of ivari, with expected total savings of over US$12 million of annual interest costs. This is an important step in our path to grow our return on equity.”
