Intact Financial Corporation announced a best efforts private placement of series 15 unsecured medium term notes for gross proceeds of CAD 300 million on May 9, 2024. The transaction will include participation from accredited investors in Canada. The series 15 notes bear an interest rate of 4.653% until May 16, 2029 and thereafter at a rate of 1.00% over daily compounded CORRA.

The notes will mature on May 16, 2034. The notes are direct unsecured obligations of Intact and rank equally with all other unsecured and unsubordinated indebtedness of the company. The company may redeem the notes in whole or in part, at its option, by giving prior notice of not less than 10 days and not more than 60 days to the holders of notes, on or after May 16, 2029 on payment of a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption.

The transaction is expected to close on May 16, 2024. The closing of the transaction is subject to certain customary conditions.