/NOT FOR DISTRIBUTION TO
Closing of the Private Placement
The Notes were offered on a best efforts basis through a syndicate co-led by CIBC World Markets Inc.,
Intact intends to use the net proceeds from the Private Placement to fund the early redemption of the Series 4 Notes and to fund the intended early redemption of the £350 million Senior 1.625 per cent notes due
This announcement does not constitute a notice of redemption. Notice of redemption with respect to the Series 4 Notes will be delivered today to
Following closing of the Acquisition, the redemption of the Series 4 Notes and the anticipated redemption of the RSA Senior Notes, the Company expects its debt-to-total-capital ratio to be below 26% as at
The Series 11 Notes, the Series 12 Notes and the Series 13 Notes have each been given a rating of A with a Stable trend by DBRS Limited, a rating of Baa1 with a Stable outlook by Moody's Investors Service, Inc. and a rating of A- with a Stable trend by Fitch Ratings, Inc.
The closing of the Acquisition is expected to become effective on
If (i) closing of the Acquisition has not occurred prior to
The Notes have not been and will not be registered under the
Redemption of Series 4 Notes
The Company also announced today that it will redeem, on
Notice of redemption will be delivered today to CDS, the sole registered holder of the Series 4 Notes. Non-registered holders who maintain their interests in the Series 4 Notes through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their representative brokerage firm or financial institution, which holds interests in the Series 4 Notes on their behalf.
About
In
In the
Cautionary note regarding forward-looking statements and Non-IFRS Measures
Certain of the statements included in this press release about the expected use of the net proceeds of the Private Placement, the Acquisition, including the closing thereof, the redemption of the Series 4 Notes, including the timing thereof, the anticipated redemption of the RSA Senior Notes or any other future events or developments including the Company's expectations regarding its debt-to-total-capital ratio, constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely", "potential" or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements. Unless otherwise indicated, all forward-looking statements in this press release are made as of
Forward-looking statements are based on estimates and assumptions made by management based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things, the expected use of the net proceeds of the Private Placement and the receipt of the approval of the
Certain of the forward-looking statements included in this press release may be considered "financial outlook" for purposes of applicable Canadian provincial and territorial securities laws. The purpose of including information relating to the expected future debt-to-total-capital ratio in this press release is to provide the reader with an indication of management's objectives and expectations, as of the date of this press release, regarding the Company's future performance. Readers are cautioned that this information may not be appropriate for other purposes.
All of the forward-looking statements included in this press release are qualified by these cautionary statements and those made in the section entitled Risk Management (Sections 28-33) of our MD&A for the year ended
The Company uses both International Financial Reporting Standards (IFRS) and certain non-IFRS measures to assess performance. Non-IFRS measures, including debt-to-capital ratio, do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to any similar measures presented by other companies. The Company calculates debt-to-capital ratio by dividing total debt outstanding by the sum of total shareholders' equity and total debt outstanding, at the same date. Hybrid debt is excluded from debt outstanding and is instead included in the total financial leverage with preferred shares. Refer to Section 21 – Non-IFRS financial measures in the Company's management's discussion and analysis for the three months ended
Disclaimer
This press release does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.
The information contained in this press release concerning the Company does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company's publicly disclosed information and the cautionary note regarding forward-looking statements included in this press release.
No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this press release and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this press release, the Company does not undertake or agree to any obligation to provide investors with access to any additional information or to update this press release or to correct any inaccuracies in, or omissions from, this press release that may become apparent. The information and opinions contained in this press release are provided as at the date of this press release. The contents of this press release are not to be construed as legal, financial or tax advice. Each investor should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.
SOURCE
© Canada Newswire, source