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Intact Financial Corporation Completes $575 Million Bought Deal Common Share Offering
Intact Financial Corporation Completes $575 Million Bought Deal Common Share Offering C...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $575 Million Bought Deal Common Share 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 Sept. 13, 2023\n \n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (Intact or the Company) announced today that it has closed its previously announced bought deal offering (the Offering) of common shares of the Company (the Common Shares) underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets resulting in aggregate gross proceeds (including the proceeds resulting from the exercise, in full, of the over-allotment option) to Intact of approximately\n \n $575 million\n \n .\n \n \n The net proceeds are expected to be used by Intact 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 announced by Intact on\n \n September 6, 2023\n \n and related capital requirements and integration costs. In the event the Acquisition is not completed for any reason, the net proceeds from the Offering will be used for general corporate purposes. The Acquisition is subject to approval by Direct Line's shareholders. Additional information on the Acquisition is available at Intact's website at\n \n https://www.intactfc.com/investors\n \n .\n \n \n The Common Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or any state securities laws. Accordingly, the Common Shares may only be offered or sold in the\n \n United States\n \n pursuant to exemptions from the registration requirements of the U.S. Securities ...