TORONTO, March 18, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced on February 20, 2020 that it would redeem all of its outstanding 5.68% debentures due June 15, 2020 (the "Debentures"), being $175 aggregate principal amount, on March 23, 2020 (the "Redemption Date"). Today, the Company has determined the redemption price according to the method and process outlined in the trust indenture governing the Debentures.
Pursuant to the terms of the trust indenture governing the Debentures, the Debentures will be redeemed on the Redemption Date at a price equal to the greater of the "Canada Yield Price" and par, together in each case with accrued and unpaid interest to the Redemption Date. The Canada Yield Price, calculated today in accordance with the governing trust indenture, is approximately $1010.15 per $1,000 of principal amount of Debentures. Accordingly, all of the outstanding Debentures will be redeemed on the Redemption Date at a price of approximately $1010.15 per $1,000 of principal amount of Debentures, plus $15.3639344 per $1,000 of principal amount of Debentures for accrued and unpaid interest up to, but excluding, the Redemption Date of March 23, 2020. The aggregate redemption price payable by the Company on such date, including accrued and unpaid interest, is approximately $179,465,000.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), is the largest private sector residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2019, the Company had $6.8 billion total assets and $3.9 billion shareholders' equity. Find out more at www.genworth.ca.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this press release, the words "may", "would", "could, "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company are intended to identify forward-looking statements. Specific forward-looking statements in this document include, but are not limited to, the Company's plans, objectives, expectations and intentions, including the Company's expectations regarding its intention to redeem the Debentures.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
SOURCE Genworth MI Canada