Intact Financial closes $150M preferred share offering

Executive Summary

• Intact Financial Corp. has closed its previously announced bought deal offering of non-cumulative Class A shares, Series 13, raising aggregate gross proceeds of $150 million.
• The offering was underwritten by a syndicate led by BMO Capital Markets and National Bank Capital Markets, with CIBC Capital Markets, TD Securities, Scotiabank, and RBC Capital Markets participating.
• Net proceeds are designated for general corporate purposes, and the shares commenced trading on the Toronto Stock Exchange under the symbol IFC.PR.M.

Key Details

• Transaction Type: Bought deal offering of non-cumulative Class A shares, Series 13.
• Aggregate Gross Proceeds: $150 million.
• Underwriters: Joint bookrunners BMO Capital Markets and National Bank Capital Markets; participating underwriters CIBC Capital Markets, TD Securities, Scotiabank, and RBC Capital Markets.
• Use of Proceeds: General corporate purposes.
• Dividend Terms: Quarterly non-cumulative preferential cash dividends declared at the discretion of the board of directors.
• Dividend Rate: 34.375 cents per share per quarter.
• Payment Schedule: Last day of March, June, September, and December each year.
• Initial Dividend: If declared, the initial dividend will be paid on March 31, 2026, at a rate of 52.36 cents per share.
• Trading Symbol: IFC.PR.M on the Toronto Stock Exchange.