Intact Financial Corp - Fixed Rate Preferred Share New Issue
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Intact Financial Corp. is issuing $125M of 5.2% fixed rate non-cumulative preferred shares with a first call date of Jun-30-2022 at $26.00 These are fixed rate shares with no reset feature.
The preferred shares are not redeemable prior to Jun-30-2022. After Jun-30-2022, and prior to Jun-30-2023 the redemption price is $26, if redeemed after Jun-30- 2023 but prior to Jun-30-2024, $25.75, after Jun-30-2024 but prior to Jun-30- 2025 at $25.50, after Jun-30-2025 but prior to Jun-30-2026 at $25.25, after Jun-30-2026 at $25.00
The new issue is expected to open above $25 and is recommended.
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