Mr. Robert Inglis reports

FIRST NATIONAL FINANCIAL CORPORATION TO ISSUE $200 MILLION OF 3-YEAR UNSECURED NOTES

First National Financial Corp. intends to issue $200-million of new senior unsecured notes.

The notes will be issued at a price of $999.99 per $1,000 principal amount pursuant to a private placement under an offering memorandum for a three-year term maturing on Sept. 8, 2026. The notes will bear interest at 7.293 per cent payable in semi-annual payments commencing March 8, 2024. First National intends to use the net proceeds of the offering to make a loan to First National Financial LP (partnership), which will allow the partnership to repay indebtedness under its bank credit facility and use for general partnership purposes. The offering is expected to close on Sept. 6, 2023. The senior unsecured notes were offered through a syndicate of dealers co-led by RBC Capital Markets and TD Securities, supported by BMO Nesbitt Burns, CIBC World Markets, National Bank Financial, Scotia Capital, Desjardins Securities and Laurentian Bank Securities.

"This transaction is a testament to the market's confidence in First National," said Robert Inglis, chief financial officer. "We are very pleased with the market reception in these relatively turbulent times."

About First National Financial Corp.

First National Financial is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multiunit) and commercial mortgages. With more than $137-billion in mortgages under administration, First National is one of Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel.

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