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Intact Financial Corporation Completes $1 billion Medium Term Note Private Placements and Announces Redemption of its Series 4 Medium Term Notes
Intact Financial Corporation Completes $1 billion Medium Term Note Private Placements and...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $1 billion Medium Term Note Private Placements and Announces Redemption of its Series 4 Medium Term Notes\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 \n TORONTO\n \n ,\n \n May 18, 2021\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it (a) has completed its previously announced private placements of Series 11 unsecured medium term notes (the \"Series 11 Notes\"), Series 12 unsecured medium term notes (the \"Series 12 Notes\") and Series 13 unsecured medium term notes (the \"Series 13 Notes\") (collectively, the \"Notes\") and (b) will redeem all of its outstanding\n \n $300 million\n \n Series 4 unsecured medium term notes due\n \n August 18, 2021\n \n (the \"Series 4 Notes\").\n \n \n \n Closing of the Private Placement\n \n \n \n The Notes were offered on a best efforts basis through a syndicate co-led by CIBC World Markets Inc., TD Securities Inc., and BMO Nesbitt Burns Inc. The Notes are direct unsecured obligations of Intact and rank equally with all other unsecured and unsubordinated indebtedness of Intact. The Series 11 Notes were issued with a principal amount of\n \n $375 million\n \n and bear interest at a fixed annual rate of 1.207% until maturity on\n \n May 21, 2024\n \n . The Series 12 Notes were issued with a principal amount of\n \n $375 million\n \n and bear interest at a fixed annual rate of 2.179% until maturity on\n \n May 18, 2028\n \n . The Series 13 Notes were issued with a principal amount of\n \n $250 million\n \n and bear interest at a fixed annual rate of 3.765% until maturity on\n \n May 20, 2053\n \n . The Notes were offered by way of private placement to accredited investors in\n \n Canada\n \n (the \"Private Placement\").\n \n \n Intact intends to use the net proceeds from the Private Placement to fund the early redemption of the S...