(November 10 – 16:15 ET) –
The Maritime Life Assurance
Company has entered into an
underwriting agreement in relation
to its previously announced
offering of $100 million of a new
series of non-cumulative redeemable
second preferred shares.
The preferred shares will be
priced at $25 per share and holders
will be initially entitled to
receive non-cumulative preferential
quarterly dividends in the amount
of $0.38125 per share, to yield
6.10% annually.
Maritime Life anticipates
filing its final short form
prospectus in relation to the
offering shortly and, subject to
its satisfaction of the conditions
contained in the underwriting
agreement, closing the offering
on or about November 19, 1999.
This is the second issue of
preferred shares by the company.
The Toronto Stock Exchange has
conditionally approved the listing
of the preferred shares, subject
to Maritime Life satisfying the
usual conditions of the exchange.
The offering is being
underwritten by a syndicate led by
Nesbitt Burns Inc. and
RBC Dominion Securities Inc.
and includes Scotia Capital Inc., CIBC World Markets
Inc., TD Securities Inc., Merrill
Lynch Canada Inc. and National
Bank Financial Corp.
-IE Staff
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