/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 26,
2025 /CNW/ - Intact Financial Corporation (TSX: IFC)
("Intact" or the "Company") announced today that it has agreed to
issue $300 million aggregate
principal amount of Series 16 unsecured medium term notes (the
"Notes") by way of private placement to accredited investors in
Canada (the "Private
Placement").
The Notes will be direct unsecured obligations of Intact and
will rank equally with all other unsecured and unsubordinated
indebtedness of Intact. The Notes will bear interest at a fixed
annual rate of 4.645% until March 21,
2055 and thereafter at a rate of 1.75% over Daily Compounded
CORRA until their maturity on March 21,
2060.
Intact may redeem the Notes in whole or in part, at its option,
(i) on or after March 21, 2030 to,
but excluding, March 21, 2055, on
payment of a redemption price equal to the greater of (A) the
Canada Yield Price and (B) par, and (ii) on or after March 21, 2055, on payment of a redemption price
equal to par, together, in each case, with accrued and unpaid
interest to, but excluding, the date of redemption.
Intact intends to use the net proceeds from the Private
Placement towards the repayment of Intact's outstanding
$300 million Series 8 3.691%
unsecured medium term notes due March 24,
2025.
The Notes, offered on a best efforts basis through a syndicate
co-led by CIBC Capital Markets and National Bank Financial Markets,
are expected to be issued on or about March
21, 2025. The closing of the Private Placement is subject to
certain customary conditions.
The securities to be offered 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 (TSX: IFC) is the largest provider
of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with
international expertise and a leader in Commercial lines in the UK
and Ireland. The business has
grown organically and through acquisitions to almost $24 billion of total annual operating direct
premiums written (DPW).
In Canada, Intact distributes
insurance under the Intact Insurance brand through agencies and a
wide network of brokers, including its wholly- owned subsidiary
BrokerLink. Intact also distributes directly to consumers through
the belairdirect brand and affinity partnerships. Additionally,
Intact provides exclusive and tailored offerings to high-net-worth
customers through Intact Prestige.
In the US, Intact Insurance Specialty Solutions provides a range
of Specialty insurance products and services through independent
agencies, regional and national brokers, wholesalers and managing
general agencies.
Across the UK, Ireland, and
Europe, Intact provides Personal,
Commercial and/or Specialty insurance solutions through the RSA,
123.ie, NIG and FarmWeb brands.
Cautionary note regarding forward-looking statements
Certain of the statements included in this press release about
the Private Placement, including the closing of the Private
Placement, the expected maturity date of the Notes and the expected
use of the net proceeds of the Private Placement, or any other
future events or developments, constitute forward-looking
statements. The words "may", "will", "would", "should", "could",
"expects", "plans", "intends", "trends", "indications",
"anticipates", "believes", "estimates", "predicts", "likely",
"potential" or the negative or other variations of these words or
other similar or comparable words or phrases, are intended to
identify forward-looking statements. Unless otherwise indicated,
all forward-looking statements in this press release are made as of
the date hereof and are subject to change.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In addition
to other estimates and assumptions which may be identified herein,
estimates and assumptions have been made regarding, among other
things, the anticipated closing of the Private Placement, the
expected maturity date of the Notes and the expected use of the net
proceeds of the Private Placement. However, the completion of the
Private Placement is subject to customary closing conditions,
termination rights and other risks and uncertainties, and there can
be no assurance that the Private Placement will be completed within
anticipated timeframes or at all.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the "Risk Management" sections of the Company's Management's
Discussion and Analysis for the year ended December 31, 2024 (Sections 25‑28) and in Notes 9
and 11 of the Company's Consolidated Financial Statements for the
year ended December 31, 2024 and in
the Company's Annual Information Form dated February 11, 2025, all of which are available on
the Company's website at www.intactfc.com and on SEDAR+ at
www.sedarplus.ca. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. Investors should not rely on forward-looking statements
to make decisions, and investors should ensure the preceding
information is carefully considered when reviewing forward-looking
statements made in this press release. The Company has no intention
and undertakes 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.
Disclaimer
This press release does not constitute or form part of any offer
for sale or solicitation of any offer to buy or subscribe for any
securities nor shall it or any part of it form the basis of or be
relied on in connection with, or act as any inducement to enter
into, any contract or commitment whatsoever.
The information contained in this press release concerning the
Company does not purport to be all-inclusive or to contain all the
information that an investor may desire to have in evaluating
whether or not to make an investment in the Company. The
information is qualified entirely by reference to the Company's
publicly disclosed information and the cautionary note regarding
forward-looking statements included in this press release.
No representation or warranty, express or implied, is made or
given by or on behalf of the Company or any of its the directors,
officers or employees as to the accuracy, completeness or fairness
of the information or opinions contained in this press release and
no responsibility or liability is accepted by any person for such
information or opinions. In furnishing this press release, the
Company does not undertake or agree to any obligation to provide
investors with access to any additional information or to update
this press release or to correct any inaccuracies in, or omissions
from, this press release that may become apparent. The information
and opinions contained in this press release are provided as at the
date of this press release. The contents of this press release are
not to be construed as legal, financial or tax advice. Each
investor should contact his, her or its own legal adviser,
independent financial adviser or tax adviser for legal, financial
or tax advice.
Any website address included in this press release is an
inactive textual reference only and information appearing on such
website is not part of, and is not incorporated by reference in,
this press release.
SOURCE Intact Financial Corporation
