Intact Financial Corp - 5.3% Fixed Rate Preferred Share New Issue
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Intact Financial Corp.(IFC) is issuing $150M of 5.3% fixed rate non-cumulative preferred shares with a first call date of Sept-30-2022 at $26.00 These are fixed rate shares with no reset feature.
The preferred shares are not redeemable prior to Sept-30-2022. After Sept-3-2022, and prior to Sept-30-2023 the redemption price is $26, if redeemed after Sept-30-2023 but prior to Sept-30-2024, $25.75, after Sept-30-2024 but prior to Sept-30-2025 at $25.50, after Sept-30-2025 but prior to Sept-30-2026 at $25.25, after Sept-30-2026 at $25.00
The new issue is expected to open at $25.25 and is recommended for income.
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