Intact Financial Corp. (IFC.TO) said on Wednesday that it plans to issue C$150 million principal amount of unsecured notes pursuant to its medium term note program. The notes will be direct unsecured obligations of IFC and will rank equally with all other unsecured and unsubordinated indebtedness of IFC.
The notes would bear interest at a fixed annual rate of 6.4% until maturity on November 23, 2039. Intact Financial would use the net proceeds of the offering for general corporate and investment purposes.
The notes, to be offered on a best efforts basis through an agency syndicate led by CIBC World Markets Inc. and TD Securities Inc., are expected to be issued on November 23, 2009.
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