An anonymous director reports

EMPIRE LIFE ANNOUNCES $200 MILLION OFFERING OF 5.503% SUBORDINATED DEBENTURES

E-L Financial Corp. Ltd.'s The Empire Life Insurance Company intends to issue in Canada, by way of private placement, $200-million principal amount of 5.503 per cent subordinated unsecured fixed/floating debentures due Jan. 13, 2033.

The offering is expected to close Jan. 13, 2023. The net proceeds of the issue will be used for regulatory capital and general corporate purposes, which may include the redemption of outstanding debt.

The debentures will mature on Jan. 13, 2033, and will bear interest at a fixed annual rate of 5.503 per cent for the first five years, payable semi-annually, and a variable rate equal to daily compounded CORRA determined for each interest period plus 2.26 per cent, for the last five years, payable quarterly in arrears. The debentures have been assigned a provisional rating of "A (low)" with a stable trend by DBRS Ltd. (DBRS Morningstar).

The issue will be offered on an agency basis by a syndicate of dealers, led by RBC Dominion Securities Inc. and Scotia Capital Inc., and which includes TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc.

On a pro forma basis, after giving effect to the debenture issue, the company estimates that, as at Sept. 30, 2022, its LICAT ratio would have increased from 137 per cent to 146 per cent.

About The Empire Life Insurance Company

Established in 1923 and a subsidiary of E-L Financial, Empire Life provides individual and group life and health insurance, investment, and retirement products. The company's mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income and achieve financial security. As of Sept. 30, 2022, Empire Life had total assets under management of $17.0-billion.

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