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Intact Financial offering C$401M in subscription receipts

Intact Financial Corp. is selling 3.3 million subscription receipts for gross proceeds of about C$401 million.

The receipts, priced at C$120.45 each, represent the right to receive 1 Intact Financial common share upon the closing of the deal to acquire Guarantee Co. of North America and Frank Cowan Co. Ltd. from Princeton Holdings Ltd. for about C$1 billion in cash. The company launched the offering to fund a portion of the deal's purchase price.

The offering is anticipated to close Aug. 26. The underwriters, led by TD Securities Inc. and CIBC Capital Markets, were granted an option to buy an additional 500,000 subscription receipts. The option may be exercised at the offering price for a period ending 30 days after the completion of the offering, for additional gross proceeds of up to about C$60 million.