Intact Financial Corporation announced a private placement of 7.338% subordinated notes, series 1, due June 30, 2083 for gross proceeds of CAD 300,000,000 on February 28, 2023. The transaction will include participation from accredited investors. The notes will bear interest at a fixed annual rate of 7.338% until June 30, 2028 and the interest rate will reset on that date and on every fifth anniversary 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 3.95%.

The closing of the transaction will be subject to certain customary conditions, including, but not limited to, the execution of an agency agreement with the syndicate.