Stocks in play: Intact Financial Corp
Announced it has closed its previously announced bought deal offering of Non-Cumulative Class A Shares, Series 11, resulting in aggregate gross proceeds to Intact of $150 million. The net proceeds are expected to be used by Intact to fund a portion of the redemption price of all of the outstanding floating rate restricted note of the Company's subsidiary, RSA Insurance Group Limited and/or for general corporate purposes. Each Series 11 Preferred Share entitles the holder thereof to receive quarterly non-cumulative preferential cash dividends. Intact Financial Corp shares T.IFC are trading up $0.36 at $183.64.
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