By Cristal Cody
Tupelo, Miss., Feb. 25 – Intact Financial Corp. priced C$250 million of 3.77% 10-year senior medium-term notes at 99.983 to yield 3.772% on Thursday, according to a market source.
The company sold the notes due March 2, 2026 (Baa1//DBRS: A) at a spread of 255 basis points over the interpolated Government of Canada bond curve.
TD Securities Inc. and CIBC World Markets Inc. were the lead managers.
Proceeds will be used for general corporate purposes.
Intact Financial is a property and casualty insurance company based in Toronto.
| Issuer: | Intact Financial Corp.
|
| Amount: | C$250 million
|
| Maturity: | March 2, 2026
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | TD Securities Inc. and CIBC World Markets Inc.
|
| Co-managers: | Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and Casgrain & Co. Ltd.
|
| Coupon: | 3.77%
|
| Price: | 99.983
|
| Yield: | 3.772%
|
| Spread: | 255 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Baa1
|
| DBRS: A
|
| Distribution: | Canada
|
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