- Intact Financial Corporation (IFC) has announced a bought-deal offering for gross proceeds of $100 million
- The company will issue 4,000,000 Class A Series 11 shares at a price of $25.00 per share
- The underwriters, led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets and Scotiabank, have been granted an over-allotment option
- The offering is expected to close on March 15, 2022
- Intact Financial is the largest provider of property and casualty insurance in Canada
- Intact Financial Corporation (IFC) is up 2.97 per cent on the day, trading at C$189.50 per share
Intact Financial Corporation (IFC) has announced a bought-deal offering for gross proceeds of $100 million.
The company will issue 4,000,000 Class A, Series 11 shares at a price of $25.00 per share.
The syndicate of underwriters is led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets and Scotiabank.
Intact has granted the underwriters the option to purchase up to an additional 2,000,000 Series 11 shares at any time up to 48 hours before the closing of the offering. Should the option be fully exercised, the total gross proceeds of the offering will be $150 million.
The Series 11 shares will yield 5.25% per annum, payable quarterly. The shares will not be redeemable prior to March 31, 2027. On and after March 31, 2027, Intact may opt to redeem the shares for cash.
The offering is expected to close on March 15, 2022.
The net proceeds are expected to be used to fund a portion of the redemption price of all of the company’s subsidiary, RSA Insurance Group’s outstanding floating rate restricted notes and/or for general corporate purposes.
Intact Financial is the largest provider of property and casualty (P&C) insurance in Canada.
Intact Financial Corporation (IFC) is up 2.97 per cent on the day, trading at C$189.50 per share.