{"id":52419,"date":"2026-08-10T19:55:37","date_gmt":"2026-08-10T23:55:37","guid":{"rendered":"https:\/\/prefblog.com\/?p=52419"},"modified":"2026-08-10T19:56:37","modified_gmt":"2026-08-10T23:56:37","slug":"ifc-pr-c-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=52419","title":{"rendered":"IFC.PR.C To Be Redeemed"},"content":{"rendered":"

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

that it has agreed to issue $250 million aggregate principal amount of 6.133% Limited Recourse Capital Notes, Series 3 (Subordinated Indebtedness) due September 30, 2086 (the “LRCNs”) by way of private placement to accredited investors in Canada (the “Private Placement”).<\/p>\n

Intact also announced that it has sent today to the sole registered holder of its 10,000,000 Non-cumulative Rate Reset Class A Shares Series 3 (the “Series 3 Preferred Shares”) a formal notice and instructions for the redemption of the Series 3 Preferred Shares. Intact will redeem the Series 3 Preferred Shares as of September 30, 2026, upon payment of a redemption price equal to $25.00 per share, together with declared and unpaid dividends to, but excluding, the date of redemption. Non-registered holders of Series 3 Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 3 Preferred Shares in which they hold a beneficial interest. Intact’s transfer agent for the Series 3 Preferred Shares is Computershare Investor Services Inc. (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 corporateactions@computershare.com.<\/p>\n

Following the redemption on September 30, 2026, the Series 3 Preferred Shares will be delisted from, and no longer trade on, the Toronto Stock Exchange (“TSX”).<\/p>\n

The LRCNs will be direct unsecured obligations of Intact and will be subordinated to all senior indebtedness of Intact and effectively subordinated to all indebtedness and obligations of Intact’s subsidiaries. The LRCNs will bear interest at a fixed annual rate of 6.133% until September 30, 2031 and the interest rate will reset on that date and on every fifth anniversary of such date until the maturity date at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset day plus 2.75%. In connection with the issuance of the LRCNs, Intact will issue 250,000 Non-Cumulative Rate Reset Class A Shares, Series 15 (the “Series 15 Preferred Shares”) to be held by Computershare Trust Company of Canada, as trustee of IFC LRCN Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or the principal or redemption price of the LRCNs when due, the recourse of each holder of LRCNs will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets in respect of the LRCNs, which will consist of the Series 15 Preferred Shares except in limited circumstances.<\/p>\n

Intact may redeem the LRCNs in whole or in part, at its option, during the period from August 31 to and including September 30, commencing in 2031 and every five years thereafter, on payment of a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption.<\/p>\n

Intact intends to use the net proceeds from the Private Placement for general corporate purposes, in order to subscribe for shares of one or more subsidiaries of Intact, in order to repay all or a portion of any amounts previously borrowed by Intact, in order to redeem all or a portion of any preferred shares previously issued by Intact or any combination thereof.<\/p>\n

The LRCNs are being offered on a best efforts basis through a syndicate co-led by CIBC Capital Markets and Scotiabank. The LRCNs are expected to be issued on or about August 24, 2026. Closing of the Private Placement is subject to certain customary conditions.<\/p><\/blockquote>\n

IFC.PR.C was issued as a FixedReset, 4.20%+266, that commenced trading 2011-8-18<\/a> after being announced 2011-8-9<\/a>. It reset to 3.332%<\/a> in 2016 and there was a 16% conversion to the FloatingReset<\/a> IFC.PR.D. IFC.PR.C reset to 3.457%<\/a> in 2021 and there was a forced conversion from IFC.PR.D back to IFC.PR.C<\/a>.<\/p>\n

Thanks to skeptical111<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Intact Financial Corporation has announced: that it has agreed to issue $250 million aggregate principal amount of 6.133% Limited Recourse Capital Notes, Series 3 (Subordinated Indebtedness) due September 30, 2086 (the “LRCNs”) by way of …<\/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-52419","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52419","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=52419"}],"version-history":[{"count":2,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52419\/revisions"}],"predecessor-version":[{"id":52421,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/52419\/revisions\/52421"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}