Intact Financial completes C$1.25 billion bought deal private placement of subscription receipts to finance a portion of the purchase price for RSA Insurance Group PLC
Torys acted as counsel to the underwriters led by CIBC Capital Markets and Barclays Capital Canada with a team that included David Seville, Mile Kurta, Josh Lavine, Emily Debono, Sarah Strong and Danielle Marjoram (corporate/securities).
On December 3, 2020, Intact Financial Corporation (“Intact”) completed a private placement of subscription receipts with a group of underwriters, led by CIBC Capital Markets and Barclays Capital Canada Inc., pursuant to which Intact issued an aggregate of 9,272,000 subscription receipts at a price of C$134.50 per subscription receipt for gross proceeds of approximately C$1.25 billion. The subscription receipts were offered by way of private placement to accredited investors and other exempt purchasers.
The proceeds from the private placement are intended to 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.
Each subscription receipt will entitle the holder to receive one common share of Intact as well as a dividend equivalent payment upon closing of the acquisition provided that closing occurs prior to December 31, 2021.
Further information can be found on Canada 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.