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Business notes... business notes
Sagicor Financial Company aims to redeem debt early
SAGICOR Financial Company Limited (SFCL) has launched a cash tender offer for any and all of its 8.875 per cent senior notes which are due in 2022.
This comes in conjunction with SFC considering the issuance of new notes which will be used to pay for this redemption. US$318.1 million ($49 billion) remains outstanding as the principal amount on the 2022 notes. The 2022 notes were issued in 2015 by Sagicor Finance (2015) Limited when Sagicor Financial Corporation refinanced US$313.4 million in debt which was repayable in 2016. Fitch has affirmed SFCL's debt rating at BB- for its new debt issue with its long-term issuer default rating at BB. The outlook by Fitch is stable.