Sagen MI Canada Inc. Completes Issuance of $300 Million of Unsecured Debentures due September 22, 2033 and Announces Redemption Price for 2.955% Debentures due March 1, 2027

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TORONTO, Sept. 22, 2026 /CNW/ -- Sagen MI Canada Inc. (the "Company" or "Sagen") (TSX: MIC.PR.A) announced today that it completed its previously announced offering (the "Offering") of $300 million of 4.947% debentures due September 22, 2033 by way of private placement under applicable Canadian securities laws. The Offering was made through a syndicate of agents led by BMO Capital Markets and Scotiabank, including CIBC World Markets, RBC Capital Markets, TD Securities and National Bank Financial.

As announced on September 15, 2026, the Company will redeem all of its outstanding 2.955% debentures due March 1, 2027 (the "Redeemed Debentures"), in the aggregate principal amount of $282 million, on September 25, 2026 (the "Redemption Date").

Pursuant to the terms of the trust indenture governing the Redeemed Debentures, the Redeemed 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 $1,000.13389 per $1,000 of principal amount of Redeemed Debentures. Accordingly, all of the outstanding Redeemed Debentures will be redeemed on the Redemption Date at the Canada Yield Price, plus approximately $1.943014 per $1,000 of principal amount of Redeemed Debentures for accrued and unpaid interest up to, but excluding, the Redemption Date. The aggregate redemption price payable by the Company on the Redemption Date, including accrued and unpaid interest, is approximately $282,585,686.84.

About Sagen MI Canada Inc.

Sagen MI Canada Inc., operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada (doing business as Sagen®), 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. Sagen differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than three decades, the Company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at June 30, 2026, the Company had $7.0 billion total assets and $2.8 billion shareholders' equity. Find out more at www.sagen.ca.

Caution regarding forward-looking information and statements

Certain statements made in this news release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this news 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, statements with respect to the Company's expectations regarding its intention to redeem the Redeemed Debentures, and other statements contained in this release that are not historical facts.

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.

For further information:
Investors – Amit Chalam, 905-287-5393 [email protected]
Media – Remco Appel, 647-880-0724 [email protected]

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Sagen MI Canada and Sagen are trademarks owned by Sagen MI Canada Inc.

SOURCE Sagen MI Canada Inc.