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Intact Financial Corporation Completes Bought Deal Financing

Intact Financial Corporation (Intact) announced the completion of its Cdn$360 million bought deal subscription receipt offering for the issuance of 3.9 million subscription receipts at a price of Cdn$91.85 per subscription receipt (less an underwriting fee). The bought deal subscription receipt offering was conducted publicly in Canada and via private placement in the U.S. Paul, Weiss represented the syndicate of underwriters for the transaction led by CIBC Capital Markets and TD Securities Inc. The offering was completed in connection with Intact’s acquisition of U.S. specialty insurer, OneBeacon Insurance Group, Ltd. for US$1.7 billion. Intact is financing the acquisition through a combination of Cdn$700 million of equity financing, including the bought deal subscription receipt offering, approximately Cdn$700 million of excess capital and approximately Cdn$1.0 billion of financing comprised of bank term loans, medium term notes and preferred shares. The acquisition is expected to close in the fourth quarter of 2017.

Intact is the largest provider of property and casualty insurance in Canada with over Cdn$8.0 billion in annual premiums.

The Paul, Weiss team included corporate partners Christopher Cummings and Ted Maynard.

May 11, 2017

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