Note: All figures are shown in Canadian dollars.
MONTREAL, Sept. 17, 2012 /CNW Telbec/ - The Standard Life Assurance
Company of Canada ("Standard Life Canada") today announced that it will
issue $400 million principal amount of 3.938% fixed/floating
subordinated debentures due September 21, 2022 (the "Debentures"). The
proceeds will be used for general corporate purposes and, subject to
regulatory approval, may be used to repay an existing internal debt to
Standard Life plc.
"We are very pleased to have successfully completed this first issue in
Canada," said Charles Guay, President and Chief Executive Officer. "The
strong demand, which was evidenced by a heavily over-subscribed order
book, is a powerful signal of investors' confidence in Standard Life Canada's
strategy, competitive position and financial strength. We have taken
advantage of favourable market conditions to optimize our capital
position and provide us with additional financial flexibility."
The Debentures will bear interest at a fixed rate of 3.938% for 5 years
and thereafter at a rate of 2.10% over the 3-month CDOR. The Debentures
mature on September 21, 2022.
The Debentures are expected to be rated "A" by Standard & Poor's.
The offering was co-led by RBC Capital Markets and BMO Capital Markets,
with Bank of America Merrill Lynch and Casgrain & Company acting as
co-managers. The offering is expected to close on September 21, 2012.
The Debentures have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of
any state of the United States, and may not be offered, sold or
delivered, directly or indirectly in the United States or to, or for
the account or benefit of, a "U.S. person" (as defined in Regulation S
under the Securities Act) absent registration or an applicable
exemption from such registration requirements. This press release does
not constitute an offer to sell or a solicitation to buy securities in
the United States and any public offering of the securities in the
United States must be made by means of a prospectus.
This press release may contain forward-looking statements about certain
of Standard Life's current plans, goals and expectations relating to
future financial conditions, performance, results, strategy and
objectives. Statements containing the words: 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates' and any other words of
similar meaning are forward-looking. All forward-looking statements
involve risk and uncertainty because they relate to future events and
circumstances beyond Standard Life's control. As a result, Standard
Life's actual financial condition, performance and results may differ
materially from the plans, goals and expectations set out in the
forward-looking statements. The company will not undertake any
obligation to update any of the forward-looking statements in this
press release or any other forward-looking statements that it may make.
About Standard Life
Standard Life plc is a leading long-term savings and investment company
headquartered in Edinburgh, Scotland. Standard Life has around 6
million customers worldwide and operates in the United Kingdom, Europe,
North America and Asia Pacific, and globally with Standard Life
In Canada, Standard Life has been doing business for almost 180 years.
Standard Life Financial Inc., which wholly owns The Standard Life
Assurance Company of Canada and Standard Life Mutual Funds Ltd., is
Standard Life plc's largest operation outside the UK. With about 2,000
employees, it provides long-term savings, investment and insurance
solutions to more than 1.4 million Canadians, including group benefit
and retirement plan members.
As of June 30, 2012, Standard Life plc had $327 billion in assets under
administration, including $42 billion in Canada through Standard Life
SOURCE: STANDARD LIFE
For further information:
Office: 514-499-7999 or 1-877-499-9555, ext. 4600