{"id":48873,"date":"2025-07-29T10:24:07","date_gmt":"2025-07-29T14:24:07","guid":{"rendered":"https:\/\/prefblog.com\/?p=48873"},"modified":"2025-07-29T10:24:07","modified_gmt":"2025-07-29T14:24:07","slug":"fn-to-be-acquired-by-private-equity-probably","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48873","title":{"rendered":"FN To Be Acquired by Private Equity, Probably"},"content":{"rendered":"

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

that it has entered into a definitive arrangement agreement (the \u201cArrangement Agreement\u201d) with Regal Bidco Inc. (the \u201cPurchaser\u201d), a newly-formed acquisition vehicle controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. (\u201cBirch Hill\u201d) and private equity funds managed by Brookfield Asset Management (\u201cBrookfield\u201d), whereby the Purchaser will acquire all of the outstanding common shares (the \u201cShares\u201d) of the Company, other than the Rollover Shares (as defined below) (the \u201cTransaction\u201d), for $48.00 per Share in cash (the \u201cPurchase Price\u201d).
…<\/b>
Under the terms of the Transaction, the Class A Preference Shares, Series 1 (the \u201cSeries 1 Preferred Shares\u201d) and Class A Preference Shares, Series 2 (the \u201cSeries 2 Preferred Shares\u201d and, together with the Series 1 Preferred Shares, the \u201cPreferred Shares\u201d) of the Company are expected to remain outstanding in accordance with their terms following closing of the Transaction. The Preferred Shares will continue to be listed on the TSX and, as a result, the Company will continue to be a reporting issuer under applicable Canadian securities laws following closing of the Transaction. <\/p><\/blockquote>\n

Affected issues are FN.PR.A and FN.PR.B.<\/p>\n

FN.PR.A is a FixedReset, 4.65%+207, that commenced trading 2011-1-25<\/a> after being announced 2011-1-17<\/a>. Notice of extension was given in February, 2016<\/a> and the issue reset to 2.79%<\/a>. I recommended against conversion<\/a>, but there was 28% conversion to the FloatingReset<\/a>, FN.PR.B. Notice of the second extension was given in February, 2021<\/a>. The issue reset at 2.895%<\/a> in 2021 and there was a 2% net conversion<\/a> to the FixedReset.<\/p>\n

FN.PR.B is a FloatingReset, Bills+207, that arose via a partial conversion from the FixedReset<\/a>, FN.PR.A, in 2016.<\/p>\n

I wasn’t going to post anything about this change of ownership, but an overwhelming deluge of eMails (well, OK, one … thanks JD!) convinced me otherwise.<\/p>\n","protected":false},"excerpt":{"rendered":"

First National Financial Corporation has announced: that it has entered into a definitive arrangement agreement (the \u201cArrangement Agreement\u201d) with Regal Bidco Inc. (the \u201cPurchaser\u201d), a newly-formed acquisition vehicle controlled by private equity funds managed by …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-48873","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48873","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=48873"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48873\/revisions"}],"predecessor-version":[{"id":48874,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48873\/revisions\/48874"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}