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Intact Financial Corporation Completes $1.25 Billion Bought Deal Private Placement of Subscription Receipts to Finance a Portion of the Purchase Price for RSA Insurance Group PLC ("RSA")
Intact Financial Corporation Completes $1.25 Billion Bought Deal Private Placement of Sub...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $1.25 Billion Bought Deal Private Placement of Subscription Receipts to Finance a Portion of the Purchase Price for RSA Insurance Group PLC (\"RSA\")\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 /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 Dec. 3, 2020\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has completed its previously announced private placement of subscription receipts with a group of underwriters, led by CIBC Capital Markets and Barclays Capital Canada Inc., (the \"Private Placement\") pursuant to which Intact has issued an aggregate of 9,272,000 subscription receipts of the Company (the \"Subscription Receipts\") at a price of\n \n $134.50\n \n per Subscription Receipt for gross proceeds of approximately\n \n $1.25 billion\n \n . The Subscription Receipts were offered by way of private placement to accredited investors and other exempt purchasers. The Subscription Receipts are subject to a four-month hold period under applicable securities laws in\n \n Canada\n \n .\n \n \n The proceeds from the Private Placement, less 50% of the underwriters' fee, will be held in escrow and are intended to be used by Intact to fund a portion of the purchase price for its previously announced proposed acquisition (the \"Acquisition\") of the entire issued and to be issued share capital of RSA, to be carried out by the Company together with Tryg A/S.\n \n \n Each Subscription Receipt will entitle the holder to receive one common share of Intact as well as a dividend equivalent payment upon closing of the Acquisition provided that closing occurs prior to\n \n December 31, 2021\n \n .\n \n \n The closing of the Acquisition is expected to occur in the second quarter of 2021 subject to receipt of the relevant approvals or clearances from RSA shareholders and the relevant regulatory and antitrust authorities and the satisfaction ...