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Intact Financial Corporation Completes $461 million Subscription Receipt Offering
Intact Financial Corporation Completes $461 million Subscription Receipt Offering ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n\n\n\nIntact Financial Corporation Completes $461 million Subscription Receipt Offering\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 26, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Aug. 26, 2019 /CNW/ - Intact Financial Corporation (TSX:IFC) (\"IFC\" or the \"Company\") announced today that it has closed its previously announced bought deal offering of approximately 3.83 million Subscription Receipts (the \"Offering\") underwritten by a syndicate of underwriters (the \"Underwriters\") led by TD Securities Inc. and CIBC Capital Markets, resulting in gross proceeds (including the over-allotment option proceeds) to IFC of approximately $461 million.\n\n \n \n\n \nIFC entered into an underwriting agreement dated August 19, 2019 with the Underwriters under which the Underwriters agreed to purchase from IFC and sell to the public in Canada and to qualified institutional buyers in accordance with Rule 144A of the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"), 3.33 million Subscription Receipts at a price of $120.45 per Subscription Receipt for gross proceeds to IFC of approximately $401 million. The Underwriters have exercised their over-allotment option and purchased at closing an additional approximately 0.5 million Subscription Receipts at a price of $120.45 per Subscription Receipt for additional gross proceeds to IFC of approximately $60 million.\nThe net proceeds from the Offering will be held in escrow and are intended to be used by IFC to fund a portion of the purchase price for its previously announced acquisition (the \"Acquisition\") of The Guarantee Company of North America and Frank Cowan Company Limited from Princeton Holdings Limited. The closing of the Acquisition is expected to occur in the fourth quarter of 2019 and is subject to receipt of required regulatory approvals.\nEach Subscription Receipt will entitle the holder thereof to receive, without payment ...