Co-operators Financial Services Limited announced Wednesday that it has completed a $150-million private placement of debt.

Co-operators completed an offering of $150 million aggregate principal amount Senior Unsecured Debentures due 2020. The debentures bear interest at a rate of 5.778% per annum, payable semi-annually on March 10 and September 10 of each year, commencing on September 10, 2010, and are due on March 10, 2020.

The issue has been offered on an agency basis by a syndicate of dealers co-led by Scotia Capital Inc. and RBC Dominion Securities Inc. TD Securities Inc. and Desjardins Securities Inc. also acted as agents for the offering.

The proceeds of the offering will be used to enable Co-operators to provide additional capital to its subsidiaries, and for general corporate purposes.

“We were very pleased with the positive response to our debt offering, which reflected the investment community’s confidence in the financial strength of our organization,” commented Kathy Bardswick, president and CEO of The Co-operators Group Limited.

IE