/NOT FOR DISTRIBUTION TO
As previously announced, the offering will be conducted on an agency basis by a syndicate of dealers co-led by Scotiabank,
In connection with the issuance of the Notes, Empire Life will issue Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares, Series 5 (the "Preferred Shares Series 5") to be held by
Empire Life may redeem the Notes during the period from
The purpose of the sale of the Notes is to enlarge Empire Life's Tier 1 capital base with a view to optimizing Empire Life's capital structure within the parameters prescribed by the Superintendent for regulatory capital requirements. As previously announced, the net proceeds from the sale of the Notes will be used for general corporate purposes and to redeem Empire Life's outstanding Non-Cumulative Rate Reset Preferred Shares, Series 1, expected to occur on
The closing of the offering will be subject to certain conditions. For more information, potential investors should read the final short form prospectus relating to the offering of the Notes and the distribution of the Preferred Shares Series 5, which is available on Empire Life's SEDAR profile at www.sedar.com.
Notice
None of the Notes or the Preferred Shares Series 5 have been, or will be, registered under the
Forward-Looking Statements:
Certain information contained herein relating to, but not limited to, statements with respect to the terms, timing and completion of the offering of the Notes and the distribution of the Preferred Shares Series 5, the use of the proceeds of the offering of the Notes, including the redemption of Empire Life's outstanding Non-Cumulative Rate Reset Preferred Shares, Series 1 and the other proposed terms of the Notes and the Preferred Shares Series 5 constitutes forward-looking information under applicable securities laws. All statements, other than statements of historical fact, which address activities, events or developments that Empire Life expects or anticipates may or will occur in the future, are forward-looking information. Forward-looking information typically contains statements with words such as "will", "may", "estimate", "anticipate", "believe", "expect", "potential", "plan", "intend", "target", "project", "forecast" or similar words suggesting future outcomes or outlook. The forward-looking information included herein involves significant risks, uncertainties and other factors. Additional information on risks, uncertainties and factors that could affect the foregoing forward-looking information and/or Empire Life's operations or financial results is included in its filings with the securities commission or similar authority in each of the provinces and territories of
The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are independent and management's future course of action would depend on its assessment of all information at that time. Although Empire Life believes that the expectations conveyed by the forward-looking information are reasonable based on information available on the date of preparation, no assurances can be given as to future results, levels of activity and achievements. Undue reliance should not be placed on the information contained herein, as actual results achieved will vary from the information provided herein and the variations may be material. Empire Life makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking information. Furthermore, the forward-looking statements contained herein are made as of the date hereof, and Empire Life does not undertake any obligation to update publicly or to revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
Non-IFRS measures
Empire Life uses non-IFRS measures including assets under management to provide investors with supplemental measures of its operating performance and to highlight trends in its core business that may not otherwise be apparent when relying solely on International Financial Reporting Standards financial measures. Empire Life also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers.
About Empire Life
Established in 1923, Empire Life is a subsidiary of
SOURCE
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