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TORONTO, June 17, 2020 E-L Financial Corporation Limited
(TSX :ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) (the
"Company") announced today that it intends to issue in Canada, by way of private placement,
$200 million principal amount of
4.000% senior unsecured notes due June 22,
2050 (the "Notes").
The offering is expected to close June
22, 2020. The net proceeds of the issue will be used for
general corporate purposes.
The Notes will mature on June 22,
2050 and will bear interest at an annual rate of 4.000%
calculated and payable semi-annually in arrears on June 22 and December
22 of each year commencing December
22, 2020 and ending June 22,
2050. It is a condition of the closing of the offering
that the Notes be assigned a rating of at least "A" by S&P
Global Ratings.
The issue will be offered on an agency basis by a syndicate of
dealers, co-led by Scotia Capital Inc. and CIBC World Markets Inc.,
and which includes BMO Nesbitt Burns Inc., National Bank Financial
Inc., RBC Dominion Securities Inc. and TD Securities Inc.
Notice
The Notes have not been and will not be registered under the
United States Securities Act of 1933, as amended, or any state
securities laws of any of the United
States, and may not be offered, or sold or delivered
directly or indirectly within the United
States of America or to or for the account of U.S. persons
(as such terms are defined in Regulation S under the U.S.
Securities Act). This press release does not constitute an offer to
sell or a solicitation to buy such securities in the United States.
About E-L Financial Corporation Limited
The Company operates as an investment and insurance holding
company. In managing its operations, the Company distinguishes
between two operating segments, E-L Corporate and Empire Life.
E-L Corporate represents investments in stocks and fixed income
securities held directly and indirectly through pooled funds,
closed-end investment companies and other investment companies. The
investment strategy is to accumulate shareholder value through
long-term capital appreciation and dividend and interest income
from its investments.
Empire Life is a subsidiary of the Company. Since 1923, Empire
Life has provided individual and group life and health insurance,
investment and retirement products to Canadians. Empire Life's
mission is to make it simple, fast and easy for Canadians to get
the investment, insurance and group benefits coverage they need to
build wealth, generate income, and achieve financial security.
Forward-Looking Statements
This press release may contain forward-looking statements and
information within the meaning of applicable securities regulation,
including those relating to the issuance of the Notes, the use of
proceeds from the offering and the expected closing date of the
offering. The words "may", "will", "would", "should", "could",
"expects", "plans", "intends", "trends", "indications",
"anticipates", "believes", "estimates", "predicts", "likely" or
"potential" or the negative or other variations of these words or
other comparable words or phrases, are intended to identify
forward-looking statements. Forward-looking information is based on
a number of assumptions and is subject to a number of risks and
uncertainties that may cause the results or events mentioned in
this press release to differ materially from those that are
discussed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, general,
local economic, and business conditions. Although management
believes that the expectations and assumptions on which the
forward-looking statements and information in this press release
are based are reasonable, undue reliance should not be placed on
the forward-looking statements and information because there can be
no assurance that they will prove to be correct. All
forward-looking information in this press release speaks as of the
date hereof. The Company does not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise. Additional information about these
assumptions and risks and uncertainties is disclosed in filings
with securities regulators filed on SEDAR (www.sedar.com).
SOURCE E-L Financial Corporation