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Intact Financial Corporation Completes $600 million Medium Term Note Private Placements to Finance a Portion of the Purchase Price for RSA Insurance Group PLC ("RSA")
Intact Financial Corporation Completes $600 million Medium Term Note Private Placements t...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Completes $600 million Medium Term Note Private Placements to Finance a Portion of the Purchase Price for RSA Insurance Group PLC (\"RSA\")\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 /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 TORONTO\n \n ,\n \n Dec. 15, 2020\n \n /CNW/ - Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") announced today that it has completed its previously announced private placements of\n \n $300 million\n \n principal amount of Series 9 unsecured medium term notes (the \"Series 9 Notes\") and\n \n $300 million\n \n principal amount of Series 10 unsecured medium term notes (the \"Series 10 Notes\") (collectively, the \"Notes\").\n \n \n The Notes were offered on a best efforts basis through a syndicate co-led by CIBC World Markets Inc., TD Securities Inc., and National Bank Financial Inc. The Notes are direct unsecured obligations of Intact and rank equally with all other unsecured and unsubordinated indebtedness of Intact. The Series 9 Notes bear interest at a fixed annual rate of 1.928% until maturity on\n \n December 16, 2030\n \n . The Series 10 Notes bear interest at a fixed annual rate of 2.954% until maturity on\n \n December 16, 2050\n \n . The Notes were offered by way of private placements to accredited investors in\n \n Canada\n \n (the \"Private Placements\").  The net proceeds from the Private Placements 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, to be carried out by the Company together with Tryg A/S.\n \n \n The Series 9 Notes and the Series 10 Notes have each been given a rating of A with a Stable trend by DBRS Limited, a rating of Baa1 with a Stable outlook by Moody's Investors Service, Inc. and a rating of A- by Fitch Ratings, Inc.\n \n \n If (i) closing of the Acquisit...