Standard Life announces the closing of its first subordinated debenture issue in Canada

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 co-managers.

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.

Forward-looking statements
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 Investments Ltd.

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 Financial.


For further information:

Rita De Fazio
514-499-7999 or 1-877-499-9555, ext. 2549

Profil de l'entreprise


Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.