The Maritime Life Assurance Company announced that it has completed its previously announced offering of $100 million of a new series of non-cumulative redeemable second preferred shares.

The preferred shares were 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. The preferred shares are listed for trading on The Toronto Stock Exchange.

The offering was underwritten by a syndicate led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. and includes RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc. and TD Securities Inc.

The net proceeds of the sale of the preferred shares will be used for general corporate purposes.