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Intact Financial Corporation Completes $250 million Fixed-To-Fixed Rate Subordinated Notes Offering
Intact Financial Corporation Completes $250 million Fixed-To-Fixed Rate Subordinated Note...
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[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $250 million Fixed-To-Fixed Rate Subordinated Notes Offering\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 \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 \n TORONTO\n \n ,\n \n March 31, 2021\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has completed its previously announced offering of\n \n $250 million\n \n principal amount of 4.125% fixed-to-fixed rate subordinated notes, series 1, due\n \n March 31, 2081\n \n (the \"Notes\").\n \n \n The Notes were offered through an underwriting syndicate co-led by CIBC Capital Markets, National Bank Financial Markets and TD Securities. The Notes are direct unsecured obligations of Intact and are subordinated to all senior indebtedness of Intact and effectively subordinated to all indebtedness and obligations of Intact's subsidiaries. The Notes bear interest at a fixed annual rate of 4.125% until\n \n March 31, 2026\n \n and the interest rate of the Notes will be reset on that date and on every fifth anniversary of such date until maturity on\n \n March 31, 2081\n \n at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset date plus 3.196%.\n \n \n The Notes were offered by way of private placement to accredited investors that are not individuals in each of the provinces of\n \n Canada\n \n (the \"Private Placement\").  The net proceeds from the Private Placement will 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 Insurance Group PLC, to be carried out by the Company together with Tryg A/S. If the Acquisition is not completed, the net proceeds of the Private Placement will be used by Intact for general corporate purposes.\n \n \n The ...