Intact Financial completes C$600 million medium term note private placements to finance a portion of the purchase price for RSA Insurance Group PLC
Torys acted as counsel to the agents led by CIBC Capital Markets, TD Securities, and National Bank Financial with a team that included David Seville, Josh Lavine, Michael Murphy and Sarah Fallis (corporate/securities).
On December 16, 2020, Intact Financial Corporation (“Intact”) completed a private placement of C$300 million principal amount of Series 9 unsecured medium term notes and C$300 million principal amount of Series 10 unsecured medium term notes. The offering was conducted on a reasonable best efforts agency basis through a syndicate of agents co-led by CIBC Capital Markets, TD Securities, and National Bank Financial Markets.
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 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.
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.