On Nov. 25, 2020, Intact Financial Corporation (Intact) completed private placements of subscription receipts to Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board (collectively, the Cornerstones) for aggregate gross proceeds of approximately $3.2 billion.
On Dec. 3, 2020, Intact completed an offering of subscription receipts for gross proceeds of approximately $1.25 billion. The offering was conducted on a bought deal basis through a syndicate of underwriters led by CIBC World Markets Inc. and Barclays Capital Canada Inc. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Cormark Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., JP Morgan Securities Canada Inc., Raymond James Ltd. and UBS Securities Canada Inc. (collectively, the Underwriters).
On Dec.16, 2020, Intact completed private placements of an aggregate of $600 million principal amount of medium term notes. The offering was conducted on a reasonable best efforts agency basis through a syndicate of agents co-led by CIBC World Markets Inc., TD Securities Inc., and National Bank Financial Inc., and including BMO Nesbitt Burns Inc., Barclays Capital Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Casgrain & Company Limited (collectively, the Dealers).
The proceeds of such financings are intended to be used by Intact to fund a portion of the purchase price for its proposed acquisition of RSA Insurance Group PLC that Intact will carry out in conjunction with Tryg A/S.
An in-house legal team represented Intact with members including
Frédéric Cotnoir,
Stephanie Lee,
Danistan Saverimuthu,
Catherine Lemay.
Blake, Cassels & Graydon LLP acted as external Canadian counsel to Intact, with a team that included
Jeff Lloyd,
Markus Viirland,
Brendan Reay,
Richard Turner,
David Bristow,
Kendall Grant,
Alex Mieszkalski,
Laura Robinson (corporate/securities),
Michael Matheson,
Jennifer Hancock,
Kerri Marks (financial services),
Peter Lee (tax).
Clifford Chance LLP acted as U.K. counsel to Intact, with a team that included, among others,
Tim Lewis,
Katherine Moir,
Rui Huo,
Erik O’Connor,
Fiona Coffee (corporate/securities).
Skadden, Arps, Slate, Meagher & Flom LLP acted as U.S. counsel to Intact, with a team that included
Jon Hlafter,
Dwight Yoo,
Annabelle Gardere (corporate/securities).
Norton Rose Fulbright Canada LLP acted as Canadian counsel to the Cornerstones, with a team that included
Pete Wiazowski,
Emmanuel Grondin,
Thomas Charest-Girard,
Audrey Levesque,
Elie Krief (corporate/securities),
Derek Chiasson (tax).
Latham & Watkins LLP acted as U.K. counsel to the Cornerstones, with a team that included
Richard Butterwick,
Suneel Basson-Bhatoa,
Victoria Sander,
Jessica Corr,
Samatha Si (corporate/securities).
Torys LLP acted as counsel to the Underwriters and the Dealers, with a team that included
David Seville,
Mile Kurta,
Josh Lavine,
Emily Debono,
Michael Murphy,
Sarah Strong,
Sarah Fallis (corporate/securities).
