Empire Life completes C$250 million offering of 4.221% subordinated debentures
On May 25, 2026, The Empire Life Insurance Company ("Empire Life") completed its previously announced issuance of C$250 million principal amount of 4.221% subordinated unsecured fixed/floating debentures in Canada by way of private placement, due May 26, 2036.
The issue was offered on an agency basis by a syndicate of dealers, led by Scotia Capital Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc., and which included BMO Nesbitt Burns Inc., National Bank Financial Inc. and TD Securities Inc. The debentures will mature on May 26, 2036 and will bear interest at a fixed annual rate of 4.221% for the first five years, payable semi-annually, and a variable rate equal to Daily Compounded CORRA determined for each interest period plus 1.17%, for the last five years, payable quarterly in arrears.
Net proceeds from the offering will be used by Empire Life for regulatory capital and general corporate purposes, which may include the redemption of outstanding debt.
Further information can be found on Canada Newswire’s website.
Empire Life is a subsidiary of E-L Financial Corporation Limited, providing individual and group life and health insurance, investment and retirement products to Canadians. As of March 31, 2026, Empire Life had total assets under management of C$20.8 billion.