LONDON (dpa-AFX) - Intact Financial Corp. (IFC.TO), which together with Tryg A/S agreed to buy International P&C Insurer RSA Insurance Group plc (RSANY.PK, RSA.L, RSA) for a total consideration of about 7.2 billion pounds, said Monday that it will issue C$250 million principal amount of 4.125% fixed-to-fixed rate subordinated notes, series 1, due 31 March 2081.
The Notes will be converted automatically into Non-Cumulative Class A Shares, series 10 of Intact upon certain bankruptcy or insolvency related events as specified in the trust indenture for the Notes.
Intact noted that it will use the net proceeds from the private placement to fund a portion of the purchase price for the acquisition, and in connection therewith to replace a portion of the Intact Bridge Facilities. If the Acquisition is not completed, the net proceeds of the private placement will be used by Intact for general corporate purposes.
The Notes are expected to be issued on or about 31 March 2021.
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