Intact Financial Corporation completes C$461M bought deal offering of subscription receipts

Date Closed

August 23, 2019

Lead Office

Toronto

Value

461.00 Million CAD

On August 23, 2019, Intact Financial Corporation completed a bought deal offering of 3.83 million subscription receipts through a syndicate of underwriters at a price of C$120.45 per receipt for gross proceeds of approximately C$461 million. The offering includes the exercise, in full, of an over-allotment option. Intact Financial intends to use the net proceeds of the offering to partially fund the purchase price of its previously announced acquisition of The Guarantee Company of North America and Frank Cowan Company Limited from Princeton Holdings Limited.

The underwriters were led by TD Securities Inc. and CIBC World Markets Inc. and included National Bank Financial Inc., BMO Nesbitt Burns Inc., Barclays Capital Canada Inc., Scotia Capital Inc., RBC Dominion Securities Inc., J.P. Morgan Securities Canada Inc., Morgan Stanley Canada Limited, UBS Securities Canada Inc., Raymond James Ltd., Cormark Securities Inc., Desjardins Securities Inc., Goldman Sachs Canada Inc. and Citigroup Global Markets Canada Inc.

Based in Toronto, Intact Financial is the largest provider of property and casualty insurance in Canada and a leading provider of specialty insurance in North America.

McCarthy Tétrault LLP advised the underwriters with a team led by Andrew Parker that included Fraser Bourne, Isabelle Nazon and Loïc Sanscartier.

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