NR 03:11 PM EDT, 03/26/2021 (MT Newswires) -- Intact Financial (IFC.TO) on Friday said it is raising C$250 million though an offering of 4.125% fixed-to-fixed rate subordinated notes, series 1, maturing in March, 2081.
The company said the notes will pay 4.125% until March, 2026, "and the interest rate will reset on that date and on every fifth anniversary of such date until the maturity date at a fixed interest rate per annum equal to the Government of Canada Yield on the business day prior to such interest reset day plus 3.196%".
The notes are subordinate to the insurer's senior debt.
Intact shares were last seen down C$1.79 to C$152.03 on the Toronto Stock Exchange.
Price: 152.03, Change: -1.79, Percent Change: -1.16