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Intact Financial Corporation Completes $400 Million Medium Term Note Private Placement
Intact Financial Corporation Completes $400 Million Medium Term Note Private Placement ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $400 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 Sept. 14, 2023\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (Intact or the Company) announced today that it has completed a private placement of Series 14 unsecured medium term notes (the Notes).\n \n \n The Notes were offered on a best efforts basis through a syndicate led by CIBC Capital Markets and BMO Capital Markets. The Notes are direct unsecured obligations of Intact and rank equally with all other unsecured and unsubordinated indebtedness of Intact. The Notes were issued with a principal amount of\n \n $400 million\n \n and bear interest at a fixed annual rate of 5.276% until maturity on\n \n September 14, 2054\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 in order to subscribe for shares of one or more subsidiaries of the Company to ultimately be used for the purpose of partially funding the execution of the proposed indirect acquisition (the Acquisition) by Intact of assets comprising, among other things, the brokered commercial lines operations of Direct Line Insurance Group plc (Direct Line) and certain of its affiliates (the Acquired Business), announced by Intact on\n \n September 6, 2023\n \n and related capital requirements and integration costs. To the extent the net proceeds of the Private Placement in combination with the proceeds from Intact's offering of common shares announced on\n \n September 6, 2023\n \n , are (i) less than the contemplated initial purchase price of the Acquisition, the Company currently intends to use available cash resources, undertake further financings or draw on one or more term l...