Empire Life completes initial preferred share offering

February 16, 2016

Torys represented the syndicate of underwriters co-led by Scotia Capital, CIBC World Markets and TD Securities with a team led by David Seville.

On February 16, The Empire Life Insurance Company (Empire Life) announced the completion of its initial Canadian public offering of 5.2 million non-cumulative rate reset preferred shares, Series 1 at a price of C$25 per share, to raise gross proceeds of C$130 million.

The offering was underwritten on a bought deal basis by a syndicate of underwriters co-led by Scotia Capital Inc., CIBC World Markets Inc. and TD Securities Inc.

The shares were issued under a short form prospectus dated February 5, 2016.

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.

Further information can be found on Empire’s website.