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.
