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TORONTO, March 1, 2016 /CNW/ - Intact Financial Corporation (TSX: IFC) announced today that it has closed its previously announced CDN$250 million offering of Series 6 medium term notes due March 2, 2026 (the "Notes").
The Notes were offered on a best efforts basis through a syndicate co-led by TD Securities Inc. and CIBC World Markets Inc. and including Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and Casgrain & Company Limited. The Notes are direct unsecured obligations of IFC and rank equally with all other unsecured and unsubordinated indebtedness of IFC. The Notes will bear interest at a fixed annual rate of 3.77% until maturity on March 2, 2026. The net proceeds of the offering of Notes will be used for general corporate purposes.
The Notes have been given a rating of A with a stable trend by DBRS Limited, a rating of Baa1 with a positive outlook by Moody's Investors Service, Inc. and a rating of A- by Fitch Ratings Inc.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy such securities in the United States or in any other jurisdiction where such offer is unlawful
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. The Company distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly owned subsidiary, BrokerLink, and directly to consumers through belairdirect.
This document may contain forward-looking statements that involve risks and uncertainties, including with respect to the use of the net proceeds of the offering. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made herein. The Company and management have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements are provided herein for the purpose of giving information about the offering referred to above and could differ materially as a result of various factors, including those discussed in the company's most recently filed Annual Information Form and annual Management's Discussion & Analysis. Please read the cautionary note at the beginning of the MD&A.
SOURCE Intact Financial Corporation
For further information: Media Inquiries: Stephanie Sorensen, Director, External Communications, +1 (416) 344-8027, email@example.com; Investor Inquiries: Samantha Cheung, Vice President, Investor Relations, +1 (416) 344-8004, firstname.lastname@example.org