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Intact Financial Corporation Announces $300 Million Medium Term Note Private Placement
Intact Financial Corporation Announces $300 Million Medium Term Note Private Placement ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n\n\n\n Intact Financial Corporation Announces $300 Million Medium Term Note Private Placement\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 26, 2025\n \n\n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has agreed to issue\n \n $300 million\n \n aggregate principal amount of Series 16 unsecured medium term notes (the \"Notes\") by way of private placement to accredited investors in\n \n Canada\n \n (the \"Private Placement\").\n \n\n The Notes will be direct unsecured obligations of Intact and will rank equally with all other unsecured and unsubordinated indebtedness of Intact. The Notes will bear interest at a fixed annual rate of 4.645% until\n \n March 21, 2055\n \n and thereafter at a rate of 1.75% over Daily Compounded CORRA until their maturity on\n \n March 21, 2060\n \n .\n \n\n Intact may redeem the Notes in whole or in part, at its option, (i) on or after\n \n March 21, 2030\n \n to, but excluding,\n \n March 21, 2055\n \n , on payment of a redemption price equal to the greater of (A) the Canada Yield Price and (B) par, and (ii) on or after\n \n March 21, 2055\n \n , on payment of a redemption price equal to par, together, in each case, with accrued and unpaid interest to, but excluding, the date of redemption.\n \n\n Intact intends to use the net proceeds from the Private Placement towards the repayment of Intact's outstanding\n \n $300 million\n \n Series 8 3.691% unsecured medium term notes due\n \n March 24, 2025\n \n .\n \n\n The Notes, offered on a best efforts basis through a syndicate co-led by CIBC Capital Markets and National Bank Financial Markets, are expected to be issued on or about\n \n March 21, 2025\n \n . The closing of the Private Placement is subject to certain customary conditions.\n \n\n The securities to be offered have not been and will not be registered under the U.S. Secu...