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Intact Financial closes C$461M bought-deal offering

Intact Financial Corp. closed its bought-deal offering of approximately 3.83 million subscription receipts underwritten by a syndicate of underwriters led by TD Securities Inc. and CIBC Capital Markets.

The offering resulted in gross proceeds to the company of approximately C$461 million.

The company on Aug. 19 entered into an agreement under which the underwriters agreed to buy from Intact and sell to the public 3.3 million subscription receipts at a price of C$120.45 per subscription receipt.

The underwriters exercised their overallotment option and purchased, at closing, an additional approximately 500,000 subscription receipts.

Net proceeds from the offering will be held in escrow; the company plans to use them to fund a portion of the purchase price for its previously announced acquisition.