PrefBlog

Intact Financial Corporation has announced:

that it has closed its previously announced bought deal offering (the “Offering”) of Non-Cumulative Class A Shares, Series 11 (the “Series 11 Preferred Shares”) underwritten by a syndicate of underwriters led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital Markets and Scotiabank, resulting in aggregate gross proceeds (including the proceeds resulting from the exercise of their option) to Intact of $150 million. The net proceeds are expected to be used by Intact to fund a portion of the redemption price of all of the outstanding floating rate restricted notes (approximately $445 million, based on the exchange rate as of March 4, 2022) of the Company’s subsidiary, RSA Insurance Group Limited (formerly RSA Insurance Group plc) and/or for general corporate purposes.

Each Series 11 Preferred Share entitles the holder thereof to receive quarterly non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors, on the last day of March, June, September and December in each year at a rate equal to $0.328125 per share. The initial dividend, if declared, will be paid on June 30, 2022 and will be $0.3848 per share.

The Series 11 Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol IFC.PR.K.

IFC.PR.K is a Straight Perpetual, 5.25%, announced 2022-03-07.

The issue traded 818,601 shares today in a range of 25.00-14 before closing at 25.08-12. Vital statistics are:

This entry was posted on Tuesday, March 15th, 2022 at 8:48 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.