Sagen MI Canada Inc. (MIC) announces C$100 million bought deal preferred shares issuance.
Sagen MI Canada Inc. (TSX: MIC) announced today that it has agreed to issue 4,000,000 non-cumulative Class A Preferred Shares, Series 1 on a bought deal basis, for gross proceeds of C$100 million.
The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
Sagen intends to use the net proceeds of the offering to strengthen its capital base, and for distributions to shareholders.
Sagen MI Canada Inc. 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.
As of December 31, 2020, the company had $7.5 billion total assets and $3.9 billion shareholders' equity.
Sagen (MIC) is up 0.23 per cent, trading at C$43.67 at 10 am EST.