Empire Life Completes Preferred Share Offering
Posted Date: February 16, 2016
(Kingston, ON – February 16, 2016)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
The Empire Life Insurance Company (“Empire Life”) today announced that it has completed its Canadian public offering of 5.2 million Non-Cumulative Rate Reset Preferred Shares, Series 1 (the “Series 1 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $130 million.
The offering was underwritten on a bought deal basis by a syndicate of underwriters co-led by Scotia Capital Inc., CIBC World Markets Inc. and TD Securities Inc. The Series 1 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol EML.PR.A.
The Series 1 Preferred Shares were issued under a short form prospectus dated February 5, 2016.
The Series 1 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Series 1 Preferred Shares in the United States or in any other jurisdiction where such offer or solicitation is unlawful. No securities regulatory authority has either approved or disapproved of the contents of this news release.
About Empire Life
Empire Life is a subsidiary of E-L Financial Corporation Limited. Since 1923, Empire Life has provided individual and group life and health insurance, investment and retirement products to Canadians. The Company’s mission is to make it simple, fast and easy for Canadians to build wealth, generate income and get the insurance and group benefits coverage they need. As of September 30, 2015 Empire Life had total assets under management of $14.2 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
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