TORONTO, June 14, 2021 /CNW/ - Intact Financial
Corporation (TSX: IFC) ("Intact" or the "Company") announced on
May 18, 2021 that it would redeem all
of its outstanding $300 million
Series 4 unsecured medium term notes due August 18, 2021 (the "Series 4 Notes") on
June 17, 2021 (the "Redemption
Date"), prior to maturity. Today, the Company has determined the
redemption price according to the method and process outlined in
the trust indenture governing the Series 4 Notes.
Pursuant to the terms of the trust indenture governing the
Series 4 Notes, the Series 4 Notes will be redeemed on the
Redemption Date at a price equal to the greater of the "Canada
Yield Price" and par, together in each case with accrued and unpaid
interest to, but excluding, the Redemption Date. The Canada Yield
Price, calculated today in accordance with the governing trust
indenture, is $1,007.04 per
$1,000 of principal amount of Series
4 Notes. Accordingly, all of the outstanding Series 4 Notes will be
redeemed on the Redemption Date at a price of $1,007.04 per $1,000 of principal amount of Series 4 Notes,
plus approximately $15.32 per
$1,000 of principal amount of Series
4 Notes for accrued and unpaid interest up to, but excluding, the
Redemption Date of June 17, 2021. The
aggregate redemption price payable by the Company on such date,
including accrued and unpaid interest, is $306,708,986.30.
Additional terms and conditions regarding the redemption are
contained in the notice of redemption that was provided to CDS
Clearing and Depository Services Inc. ("CDS"), the sole registered
holder of the Series 4 Notes. Non-registered holders who maintain
their interests in the Series 4 Notes through CDS should contact
their CDS customer service representative with any questions about
the redemption. Alternatively, beneficial holders with any
questions about the redemption should contact their representative
brokerage firm or financial institution, which holds interests in
the Series 4 Notes on their behalf.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $20
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands.
Forward-looking statements
Certain of the statements included in this press release
including the timing of the Redemption Date or any other future
events or developments constitute forward-looking statements. The
words "may", "will", "would", "should", "could", "expects",
"plans", "intends", "trends", "indications", "anticipates",
"believes", "estimates", "predicts", "likely", "potential" or the
negative or other variations of these words or other similar or
comparable words or phrases, are intended to identify
forward-looking statements. Unless otherwise indicated, all
forward-looking statements in this press release are made as of
June 14, 2021 and are subject to
change after that date.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in the section entitled Risk Management (Sections 28-33) of our
MD&A for the year ended December 31,
2020 and the section entitled Risk Management (Section 19)
of our MD&A for the quarter ended March
31, 2021. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. Investors should not rely on forward-looking statements
to make decisions, and investors should ensure the preceding
information is carefully considered when reviewing forward-looking
statements contained herein. The Company and management have no
intention and undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE Intact Financial Corporation