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Intact Financial offering preferred shares

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Intact Financial offering preferred shares

Intact Financial Corp. is offering to the public 6 million noncumulative class A shares, series 6, at C$25.00 per share, for total gross proceeds of C$150 million.

The company has granted the underwriters the option to buy up to an additional 2 million shares at the same offering price. If the underwriters fully exercise this option, the total gross proceeds will be C$200 million.

The shares will yield 5.30% per year, payable quarterly, as and when the board declares. The shares will not be redeemable before Sept. 30, 2022. The offering is expected to close Aug. 18.

Intact plans to use the net proceeds partly to fund its acquisition of OneBeacon Insurance Group Ltd. or, if the deal does not close, for general corporate purposes.

The syndicate of underwriters is led by CIBC Capital Markets along with BMO Capital Markets, National Bank Financial and TD Securities Inc.