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TORONTO, Dec. 11, 2020 /CNW/ – Intact Monetary Company (TSX: IFC) (“Intact” or the “Firm”) introduced right this moment that it intends to difficulty $300 million principal quantity of Collection 9 unsecured medium time period notes (the “Collection 9 Notes”) and $300 million principal quantity of Collection 10 unsecured medium time period notes (the “Collection 10 Notes”) (collectively, the “Notes”). The Notes will likely be direct unsecured obligations of Intact and can rank equally with all different unsecured and unsubordinated indebtedness of Intact. The Collection 9 Notes will bear curiosity at a hard and fast annual charge of 1.928% till maturity on December 16, 2030. The Collection 10 Notes will bear curiosity at a hard and fast annual charge of two.954% till maturity on December 16, 2050. The Notes are being provided by means of personal placement to accredited traders in Canada (the “Non-public Placement”). The online proceeds from the Non-public Placement will likely be used by Intact to fund a portion of the acquisition value for its beforehand introduced proposed acquisition (the “Acquisition”) of your entire issued and to be issued share capital of RSA, to be carried out by the Firm along with Tryg A/S.
If (i) closing of the Acquisition has not occurred previous to 11:59 p.m. (London UK native time) on December 31, 2021, or (ii) in sure circumstances the place: (a) the scheme of association for the Acquisition lapses or is withdrawn, or (b) if the Acquisition is carried out by means of a takeover supply, such takeover supply lapses, terminates or is withdrawn, then Intact will likely be required to redeem the Notes at a redemption value equal to 100% of the mixture principal quantity of the Notes, plus accrued and unpaid curiosity, if any, as much as, however excluding, the date of redemption.
The Notes, provided on a finest efforts foundation via a syndicate co-led by CIBC World Markets Inc., TD Securities Inc., and Nationwide Financial institution Monetary Inc., are anticipated to be issued on or about December 16, 2020.
The securities to be provided haven’t been and won’t be registered underneath the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), and is probably not provided or offered in the USA or to or for the account or advantage of U.S. individuals absent registration or an relevant exemption from the registration necessities of the U.S. Securities Act. This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase such securities in the USA or in every other jurisdiction the place such supply is illegal.
The closing of the Acquisition is predicted to happen within the second quarter of 2021 topic to receipt of the related approvals or clearances from RSA shareholders and the related regulatory and antitrust authorities and the satisfaction or (the place able to waiver) waiver of different circumstances to closing.
Further data on the Acquisition is obtainable at Intact’s web site at https://www.intactfc.com/English/investors/.
About Intact Monetary Company
Intact Monetary Company is the biggest supplier of property and casualty (P&C) insurance coverage in Canada and a number one supplier of specialty insurance coverage in North America, with over $11 billion in complete annual premiums. The Firm has roughly 16,000 workers who serve greater than 5 million private, enterprise and public sector purchasers via places of work in Canada and the U.S.
In Canada, Intact distributes insurance coverage underneath the Intact Insurance coverage model via a large community of brokers, together with its wholly-owned subsidiary BrokerLink, and on to customers via belairdirect. Frank Cowan Firm, a number one MGA, distributes public entity insurance coverage packages together with danger and claims administration companies in Canada.
Within the U.S., Intact Insurance coverage Specialty Options supplies a variety of specialty insurance coverage services and products via impartial businesses, regional and nationwide brokers, wholesalers and managing common businesses. Merchandise are underwritten by the insurance coverage firm subsidiaries of Intact Insurance coverage Group USA, LLC.
Cautionary notice relating to forward-looking statements
Sure of the statements included on this press launch in regards to the Non-public Placement, the Acquisition or every other future occasions or developments represent forward-looking statements. The phrases “could”, “will”, “would”, “ought to”, “may”, “expects”, “plans”, “intends”, “developments”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “probably”, “potential” or the damaging or different variations of those phrases or different related or comparable phrases or phrases, are meant to determine forward-looking statements. Until in any other case indicated, all forward-looking statements on this press launch are made as of December 11, 2020 and are topic to alter after that date.
Ahead-looking statements are based mostly on estimates and assumptions made by administration based mostly on administration’s expertise and notion of historic developments, present circumstances and anticipated future developments, in addition to different components that administration believes are acceptable within the circumstances. Along with different estimates and assumptions which can be recognized herein, estimates and assumptions have been made relating to, amongst different issues, the anticipated closing of the Non-public Placement, the receipt of all requisite approvals regarding the Acquisition in a well timed method and on phrases acceptable to the Firm. Nonetheless, the completion of the Non-public Placement and the Acquisition is every topic to customary closing circumstances, termination rights and different dangers and uncertainties, together with, with out limitation, within the case of the Acquisition, regulatory approvals, and there could be no assurance that the Non-public Placement and the Acquisition will likely be accomplished inside anticipated timeframes or in any respect.
The entire forward-looking statements included on this press launch are certified by these cautionary statements and people made within the part entitled Threat Administration (Sections 22-27) of our MD&A for the yr ended December 31, 2019, the part entitled Threat Administration (sections 17-18) of our MD&A for the quarter ended September 30, 2020 and the part entitled Threat Elements – Dangers Associated to the Acquisition of our presentation entitled “Constructing a Main P&C Insurer” dated November 18, 2020 and out there on our web site. These components aren’t meant to symbolize an entire listing of the components that might have an effect on the Firm. These components ought to, nonetheless, be thought of rigorously. Though the forward-looking statements are based mostly upon what administration believes to be cheap assumptions, the Firm can’t guarantee traders that precise outcomes will likely be per these forward-looking statements. Buyers shouldn’t depend on forward-looking statements to make selections, and traders ought to make sure the previous data is rigorously thought of when reviewing forward-looking statements contained herein. The Firm and administration haven’t any intention and undertake no obligation to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as required by legislation.
This press launch doesn’t represent or type a part of any supply on the market or solicitation of any supply to purchase or subscribe for any securities nor shall it or any a part of it type the premise of or be relied on in reference to, or act as any inducement to enter into, any contract or dedication by any means.
The knowledge contained on this press launch in regards to the Firm doesn’t purport to be all-inclusive or to comprise all the knowledge that an investor could need to have in evaluating whether or not or to not make an funding within the Firm. The knowledge is certified totally by reference to the Firm’s publicly disclosed data and the cautionary notice relating to forward-looking statements included on this press launch.
No illustration or guarantee, specific or implied, is made or given by or on behalf of the Firm or any of its the administrators, officers or workers as to the accuracy, completeness or equity of the knowledge or opinions contained on this press launch and no duty or legal responsibility is accepted by any individual for such data or opinions. In furnishing this press launch, the Firm doesn’t undertake or comply with any obligation to offer traders with entry to any further data or to replace this press launch or to right any inaccuracies in, or omissions from, this press launch which will change into obvious. The knowledge and opinions contained on this press launch are offered as on the date of this press launch. The contents of this press launch are to not be construed as authorized, monetary or tax recommendation. Every investor ought to contact his, her or its personal authorized adviser, impartial monetary adviser or tax adviser for authorized, monetary or tax recommendation.
SOURCE Intact Monetary Company
For additional data: Intact Media Inquiries, Jennifer Beaudry, Supervisor, Media Relations, 1 514 282-1914 ext. 87375, [email protected]; Intact Investor Inquiries, Ryan Penton, Director, Investor Relations, 1 416 341-1464 ext. 45112, [email protected]