Intact Financial taps 5.16% 30-year bonds in C$50 million reopening

By Cristal Cody

Prospect News, Sept. 5 - Intact Financial Corp. (Baa1//DBRS: A) reopened its 5.16% series 5 30-year medium-term notes late on Wednesday to sell C$50 million, according to the company and a bond source.

Final pricing terms were not immediately available.

CIBC World Markets Inc. was the bookrunner.

The notes due June 16, 2042 are redeemable at the Canada bond yield plus 69.5 basis points.

Proceeds will be used for general corporate and investment purposes.

The deal is expected to close on Sept. 10.

Intact first brought the issue in an upsized C$200 million offering on June 12. The notes originally priced at 99.909 to yield 5.166%, or a spread of 278 bps plus the Canadian government benchmark.

The total outstanding is C$250 million.

Toronto-based Intact Financial is Canada's largest provider of property and casualty insurance.

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