Intact Financial Corporation has announced:
that it has closed its previously announced bought deal offering (the “Offering”) of Non-Cumulative Class A Shares, Series 13 (the “Series 13 Preferred Shares”) underwritten by a syndicate of underwriters led by BMO Capital Markets and National Bank Capital Markets, as joint bookrunners, together with, CIBC Capital Markets, TD Securities, Scotiabank and RBC Capital Markets, resulting in aggregate gross proceeds to Intact of $150 million. The net proceeds are expected to be used by Intact for general corporate purposes.
Each Series 13 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 $0.34375 per share. The initial dividend, if declared, will be paid on March 31, 2026 and will be $0.5236 per share.
The Series 13 Preferred Shares will commence trading today on the Toronto Stock Exchange under the symbol IFC.PR.M.
IFC.PR.M is a Straight Perpetual, 5.50%, annnounced 2025-11-6.
The issue traded 546,100 shares today on the Toronto Exchange (674,960 consolidated) in a range of 25.00-11 before closing at 25.02-06. IFC.PR.M will be tracked by HIMIPref™ and has been assigned to the PerpetualPremium subindex.
Vital statistics are:
| IFC.PR.M | Perpetual-Premium | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-12 Maturity Price : 24.62 Evaluated at bid price : 25.02 Bid-YTW : 5.51 % |