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Definity Financial Corporation Announces Increased Size of Previously Announced Private Placements of Common Shares to $385 million
Definity Financial Corporation Announces Increased Size of Previously Announced Private Placement...
About this update from Definity Financial Corp.
[{"type":"text","content":"\n\n\n\n Definity Financial Corporation Announces Increased Size of Previously Announced Private Placements of Common Shares to $385 million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n WATERLOO, ON\n \n\n ,\n \n\n May 28, 2025\n \n\n /CNW/ - Definity Financial Corporation (TSX: DFY) announced today that it has increased the size of its previously announced private placements. Pursuant to the amended terms, the syndicate of underwriters, led by RBC Capital Markets as Sole Bookrunner (collectively the \"Underwriters\"), has agreed to purchase, on a bought deal basis, an aggregate of 4,631,000 common shares of Definity (\"Common Shares\") at an offering price of\n \n $66.65\n \n per Common Share (the \"Offering Price\") for gross proceeds of approximately\n \n $309 million\n \n (the \"Offering\"). The Underwriters intend to arrange for substituted purchasers for the Common Shares being issued in the Offering.\n \n\n In connection with the exercise by Healthcare of Ontario Pension Plan Trust Fund (\"HOOPP\") of its pre-emptive right under the Governance Agreement dated\n \n November 23, 2021\n \n between Definity and HOOPP, HOOPP has agreed to increase its purchase of Common Shares on a private placement basis to 1,151,256 at a price of\n \n $66.65\n \n per Common Share, for aggregate gross proceeds of approximately\n \n $77 million\n \n , subject to the terms of HOOPP's subscription agreement (the \"HOOPP Private Placement\").\n \n\n The net proceeds from the Offering and HOOPP Private Placement are intended to be used by Definity to fund a portion of the purchase price of the previously announced acquisition of the Canadian operations of Travelers (other than Travelers' Canadian surety business) for cash consideration of approximately\n \n $3.3 billion\n \n (the \"Transaction\"). The closing of the HOOPP Private Placement is conditional on the closing of the Offering; however, the closing of the Offering is not conditio...