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TORONTO, May 13, 2021 /CNW/ – Intact Financial Corporation (TSX: IFC) (“Intact” or the “Company”) announced today that it intends to issue a minimum of $350 million aggregate principal amount of Series 11 unsecured medium term notes (the “Series 11 Notes”), a minimum of $350 million aggregate principal amount of Series 12 unsecured medium term notes (the “Series 12 Notes”), and a minimum of $200 million aggregate principal amount of Series 13 unsecured medium term notes (the “Series 13 Notes”) (collectively, the “Notes”), subject to market conditions. The Notes will be direct unsecured obligations of Intact and will rank equally with all other unsecured and unsubordinated indebtedness of Intact.
The Series 11 Notes are expected to mature on May 21, 2024, the Series 12 Notes are expected to mature on May 18, 2028, and the Series 13 Notes are expected to mature on May 20, 2053. The Notes are being offered by way of private placement to accredited investors in Canada (the “Private Placement”). Intact intends to use the net proceeds from the Private Placement to fund the intended early redemption of the £350 million Senior 1.625 per cent notes due August 28, 2024 (the “RSA Senior Notes”) issued by RSA Insurance Group plc (“RSA”) after closing of Intact’s previously announced proposed acquisition of the entire issued and to be issued share capital of RSA (the “Acquisition”), a…
