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Intact Financial Corporation Completes $300 million Limited Recourse Capital Notes Offering
Intact Financial Corporation Completes $300 million Limited Recourse Capital Notes Offering ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $300 million Limited Recourse Capital 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 /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 March 7, 2023\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has completed its previously announced offering of $300 million principal amount of 7.338% Limited Recourse Capital Notes Series 1 (Subordinated Indebtedness), due\n \n June 30, 2083\n \n (the \"Notes\").\n \n \n The Notes were offered through a syndicate co-led by CIBC Capital 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 7.338% until\n \n June 30, 2028\n \n and the interest rate will reset on that date and on every fifth anniversary of such date until the maturity date at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset day plus 3.95%.\n \n \n In connection with the issuance of the Notes, the Corporation issued 300,000 Non-Cumulative Rate Reset Class A Shares, Series 12 (the \"Series 12 Preferred Shares\") which are held by Computershare Trust Company of Canada, as trustee of a newly formed trust (the \"Limited Recourse Trust\"). In case of non-payment of interest on, or the principal or redemption price of, the Notes when due, the recourse of each holder of Notes will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which will consist of Series 12 Preferred Shares except in limited circumstances.\n \n \n The Notes were offered by way of private placement to accredited investors that are not individuals in each ...