{"id":43090,"date":"2022-03-07T20:37:05","date_gmt":"2022-03-08T01:37:05","guid":{"rendered":"https:\/\/prefblog.com\/?p=43090"},"modified":"2022-03-07T20:37:05","modified_gmt":"2022-03-08T01:37:05","slug":"new-issue-ifc-straight-perpetual-5-25","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43090","title":{"rendered":"New Issue: IFC Straight Perpetual, 5.25%"},"content":{"rendered":"<p>Intact Financial Corporation <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/03\/07\/2398182\/0\/en\/Intact-Financial-Corporation-Announces-100-Million-Preferred-Share-Offering.html\">has announced<\/a> (although not yet on their website):<\/p>\n<blockquote><p>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, 4,000,000 Non-Cumulative Class A Shares, Series 11 (the \u201cSeries 11 Shares\u201d) from Intact for sale to the public at a price of $25.00 per Series 11 Share (the \u201cOffering Price\u201d), representing aggregate gross proceeds of $100 million (the \u201cOffering\u201d).<\/p>\n<p>Intact has granted the underwriters an underwriters\u2019 option to purchase up to an additional 2,000,000 Series 11 Shares at the Offering Price, which option is exercisable at any time up to 48 hours before closing of the Offering. Should the underwriters\u2019 option be fully exercised, the total gross proceeds of the Offering will be $150 million.<\/p>\n<p>The Series 11 Shares will yield 5.25% per annum, payable quarterly, as and when declared by the Board of Directors of the Company.  The Series 11 Shares will not be redeemable prior to March 31, 2027.  On and after March 31, 2027, Intact may, on not less than 30 nor more than 60 days\u2019 notice, redeem for cash the Series 11 Shares in whole or in part, at the Company\u2019s option, at $26.00 per Series 11 Share if redeemed on or after March 31, 2027 and prior to March 31, 2028; $25.75 per Series 11 Share if redeemed on or after March 31, 2028 and prior to March 31, 2029; $25.50 per Series 11 Share if redeemed on or after March 31, 2029 and prior to March 31, 2030; $25.25 per Series 11 Share if redeemed on or after March 31, 2030 and prior to March 31, 2031; and $25.00 per Series 11 Share if redeemed on or after March 31, 2031, in each case together with all declared and unpaid dividends up to but excluding the date of redemption.<\/p>\n<p>The Offering is expected to close on March 15, 2022.  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 current exchange rates) of the Company\u2019s subsidiary, RSA Insurance Group Limited (formerly RSA Insurance Group plc) and\/or for general corporate purposes.<\/p><\/blockquote>\n<p>Thanks to Assiduous Reader <i>skeptical<\/i> for bringing this to my attention!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intact Financial Corporation has announced (although not yet on their website): that it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital &hellip;<\/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-43090","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43090","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=43090"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43090\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}