TORONTO, Feb. 10, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced today that it is considering an offering of debentures under its base shelf prospectus.
If a successful offering is completed, the Company intends to use the net proceeds of the debenture offering for the potential redemption, refinancing, and repayment of its outstanding 5.68% debentures due June 15, 2020 and any other outstanding indebtedness, and for liquidity and capital management purposes. The Company will provide further information as events warrant.
This press release does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction. The securities considered to be offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of a prospectus supplement regarding the securities. The securities will not be registered in the United States under the Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States or to U.S. Persons absent registration or applicable exemption from the registration requirement of such Act.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada ("Genworth Canada"), 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. Genworth Canada differentiates itself through customer service excellence, innovative processing technology, and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2019, the Company had $6.8 billion total assets and $3.9 billion shareholders' equity. Find out more at www.genworth.ca.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made in this press release contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). When used in this press 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 consideration of an offering of debentures and the intended use of proceeds from any successful offering of 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.
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SOURCE Genworth MI Canada