06:23 AM EST, 12/05/2024 (MT Newswires) -- Sagicor Financial ( SGCFF ) late on Wednesday said it has closed a $200 million term loan credit facility with a syndicate of Canadian and U.S. banks.

Proceeds were used to repay the US$113 outstanding on a previous term loan employed to acquire Canadian life insurer ivari. Sagicor expects the new financing will save the company more than US$12 million in annual interest costs.

The debt financing is Sagicor's second in the Canadian marketplace since regaining its investment grade credit ratings.