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Intact Financial Corporation Announces $125 Million Preferred Share Offering
Intact Financial Corporation Announces $125 Million Preferred Share Offering Canad...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n\n\n\nIntact Financial Corporation Announces $125 Million Preferred Share Offering\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\nCanada NewsWire\nTORONTO, Feb. 6, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Feb. 6, 2020 /CNW/ - Intact Financial Corporation (TSX:IFC) announced today that it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets and Scotiabank pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 5,000,000 Non-Cumulative Class A Shares, Series 9 (the \"Series 9 Shares\") from Intact for sale to the public at a price of $25.00 per Series 9 Share, representing aggregate gross proceeds of $125 million.\n\n \n \n\n \nIntact has granted the underwriters an underwriters' option to purchase up to an additional 1,000,000 Series 9 Shares at the same offering price exercisable at any time up to 48 hours before closing. Should the underwriters' option be fully exercised, the total gross proceeds of the Series 9 Shares offering will be $150 million.\nThe Series 9 Shares will yield 5.40% per annum, payable quarterly, as and when declared by the Board of Directors of the Company.  The Series 9 Shares will not be redeemable prior to March 31, 2025.  On and after March 31, 2025, Intact may, on not less than 30 nor more than 60 days' notice, redeem for cash the Series 9 Shares in whole or in part, at the Company's option, at $26.00 per share if redeemed on or after March 31, 2025 and prior to March 31, 2026; $25.75 per share if redeemed on or after March 31, 2026 and prior to March 31, 2027; $25.50 per share if redeemed on or after March 31, 2027 and prior to March 31, 2028; $25.25 per share if redeemed on or after March 31, 2028 and prior to March 31, 2029; and $25.00 per share if redeemed on or after March 31, 2029, in each case together with all declared and unpaid dividends up to but excluding the date of redemption.\nTh...