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First National Financial Corporation Issues $200 Million of 5-Year Unsecured Notes

Nov 25, 2019

Toronto, Ontario, November 25, 2019 – First National Financial Corporation (TSX:  ) (the “Company” or “FNFC”) today announced it has issued $200,000,000 of new senior unsecured notes. 

Priced at par, the notes were issued pursuant to a private placement under an offering memorandum for a five-year term maturing on November 25, 2024. The notes bear interest at 3.582% payable in equal semi-annual payments commencing May 25, 2020. The net proceeds will be invested in First National Financial LP (“LP”), which in turn will repay a portion of the outstanding amount drawn on its bank credit facility. The senior unsecured notes were offered through a syndicate of dealers co-led by RBC Capital Markets and TD Securities.

On April 9, 2020, the LP plans to draw on the bank credit facility to repay the Company’s maturing 4.01% $175,000,000 unsecured notes.  

“With 38 investors and a credit spread of 2.1% over the benchmark bond, this is First National’s most successful debt offering to date,” said Robert Inglis, Chief Financial Officer.  “We are very pleased with market reception as it speaks to the confidence in the Company’s business model.”

About First National Financial Corporation

First National Financial Corporation (TSX:FN, TSX:FN.PR.A, TSX:FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $110 billion in mortgages under administration, First National is Canada’s largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit

For further information:
Robert Inglis
Chief Financial Officer
First National Financial Corporation
Tel: 416-593-1100

Ernie Stapleton
Fundamental Creative Inc.
Tel: 905.648.9354