{"id":40247,"date":"2020-02-06T19:37:01","date_gmt":"2020-02-07T00:37:01","guid":{"rendered":"http:\/\/prefblog.com\/?p=40247"},"modified":"2020-02-06T19:37:01","modified_gmt":"2020-02-07T00:37:01","slug":"40247","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40247","title":{"rendered":"New Issue: IFC Straight Preferred, 5.40%"},"content":{"rendered":"

Intact Financial Corporation has announced<\/a>:<\/p>\n

that it has entered into an agreement with 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 pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 5,000,000 Non-Cumulative Class A Shares, Series 9 (the “Series 9 Shares”) from Intact for sale to the public at a price of $25.00 per Series 9 Share, representing aggregate gross proceeds of $125 million.<\/p>\n

Intact has granted the underwriters an underwriters’ option to purchase up to an additional 1,000,000 Series 9 Shares at the same offering price exercisable at any time up to 48 hours before closing. Should the underwriters’ option be fully exercised, the total gross proceeds of the Series 9 Shares offering will be $150 million.<\/p>\n

The Series 9 Shares will yield 5.40% per annum, payable quarterly, as and when declared by the Board of Directors of the Company. The Series 9 Shares will not be redeemable prior to March 31, 2025. On and after March 31, 2025, Intact may, on not less than 30 nor more than 60 days’ notice, redeem for cash the Series 9 Shares in whole or in part, at the Company’s option, at $26.00 per share if redeemed on or after March 31, 2025 and prior to March 31, 2026; $25.75 per share if redeemed on or after March 31, 2026 and prior to March 31, 2027; $25.50 per share if redeemed on or after March 31, 2027 and prior to March 31, 2028; $25.25 per share if redeemed on or after March 31, 2028 and prior to March 31, 2029; and $25.00 per share if redeemed on or after March 31, 2029, in each case together with all declared and unpaid dividends up to but excluding the date of redemption.<\/p>\n

The Series 9 Share offering is expected to close on February 18, 2020. The net proceeds will be used for general corporate purposes.<\/p><\/blockquote>\n

Stop the presses! This is the first new issue announcement since CM.PR.Y in May, 2019<\/a>, and the first Straight since … since … for a long time!<\/p>\n

This issue joins IFC.PR.E<\/a> and IFC.PR.F<\/a> as Intact Straight Perpetuals – sadly, no Implied Volatility analysis is possible since there are now only three of them.<\/p>\n","protected":false},"excerpt":{"rendered":"

Intact Financial Corporation has announced: that it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets, National Bank Financial, RBC Capital …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-40247","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40247"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40247\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}