Sagicor Financial Company Ltd is about to raise US $150 million (BDS$300 million) in a special bond offering that will be paying 5.3 per cent interest and matures in seven years.The announcement came yesterday from the former Barbadian-owned financial services company, which is now a Canada-based publicly listed company, trading on the Toronto Stock Exchange.In a statement, Sagicor disclosed that the net proceeds raised from this issue of Senior Notes will be used exclusively to build out its United States operations which have seen an increasingly profitable segment of Sagicor’s operations.Senior Notes are a type of bond which takes priority over other debts of a company in the event that it had to declare bankruptcy and was forced into liquidation. These notes typically pay less interest than other bonds and they have a shorter maturity.
