Note: All figures are shown in Canadian dollars.
MONTREAL, Sept. 21, 2012 /CNW Telbec/ - The Standard Life Assurance
Company of Canada ("Standard Life Canada") today confirmed the closing
of its previously announced offering of $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.
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, and mature on
September 21, 2022. They have been 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
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:
Rita De Fazio
514-499-7999 or 1-877-499-9555, ext. 2549