Intact Financial completes C$250 million fixed-to-fixed rate subordinated notes offering

On March 31, 2021, Intact Financial Corporation (“Intact”) completed an offering of C$250 million principal amount of 4.125% fixed-to-fixed rate subordinated notes ;Series 1, due March 31, 2081. The notes were offered through an underwriting syndicate co-led by CIBC Capital Markets, National Bank Financial Markets and TD Securities by way of private placement to accredited investors that are not individuals in each of the provinces of Canada.

The net proceeds from the private placement will be used by Intact to fund a portion of the purchase price for its previously announced proposed acquisition of the entire issued and to be issued share capital of RSA Insurance Group PLC, to be carried out by Intact together with Tryg A/S. If the acquisition is not completed, the net proceeds of the private placement will be used by Intact for general corporate purposes.

The notes will be converted automatically into non-cumulative Class A shares Series 10 of Intact upon certain bankruptcy or insolvency related events as specified in the trust indenture for the Notes.

Further information can be found on Globe Newswire’s website.

Intact is the largest provider of property and casualty insurance in Canada and a leading provider of specialty insurance in North America, with over C$11 billion in total annual premiums.