Intact Financial Corp. has closed its previously announced offering of noncumulative rate reset class A shares, for total gross proceeds of C$250 million.
The net proceeds from the offering will be used for general corporate purposes.
Holders of the preferred shares will have the right to convert their series 7 preferred shares into noncumulative floating rate class A shares, series 8, on June 30, 2023, and on June 30 every five years after that, subject to certain conditions. Series 8 holders will be entitled to receive floating rate noncumulative preferential cash dividends, as and when declared by the board, at a rate equal to the 90-day Canadian Treasury Bill rate plus 2.55%.
The syndicate of underwriters is led by TD Securities Inc., together with BMO Capital Markets, CIBC Capital Markets and National Bank Financial.
