Intact Financial completes C$1 billion medium term notes

On May 18, 2021, Intact Financial Corporation ("Intact”) completed its private placements of Series 11 unsecured medium term notes, Series 12 unsecured medium term notes and Series 13 unsecured medium term notes and on June 17, 2021, will redeem all of its outstanding C$300 million Series 4 unsecured medium term notes due August 18, 2021.

The notes were offered on a best efforts basis through a syndicate co-led by CIBC World Markets, TD Securities and BMO Nesbitt Burns. The Series 11 notes were issued with a principal amount of C$375 million and bear interest at a fixed annual rate of 1.207% until maturity on May 21, 2024. The Series 12 notes were issued with a principal amount of C$375 million and bear interest at a fixed annual rate of 2.179% until maturity on May 18, 2028. The Series 13 notes were issued with a principal amount of C$250 million and bear interest at a fixed annual rate of 3.765% until maturity on May 20, 2053. The notes were offered by way of private placement to accredited investors in Canada.

Intact intends to use the net proceeds from the private placement to fund the early redemption of the Series 4 unsecured medium term notes and to fund the intended early redemption of the £350 million senior 1.625% notes due August 28, 2024 issued by RSA Insurance Group PLC ("RSA") after the closing of Intact's previously announced proposed acquisition of RSA, to be carried out by Intact together with Tryg A/S. Any excess net proceeds from the private placement will be used by Intact for general corporate purposes.

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$12 billion in total annual premiums.