RSA Insurance Group PLC - general insurance company headquartered in London - Says Intact Financial Corp intends to issue a minimum of CAD350 million of series 11 and series 12 unsecured medium term notes, and at least CAD200 million of series 13 notes.
The series 11 notes at expected to mature on May 21, 2024, the series 12 notes on May 18, 2028 and the series 13 notes on May 20, 2053.
Proceeds from the private note placing will go towards funding the early redemption of RSA's GBP350 million senior 1.625% notes due August 28, 2024, as well as the early redemption of Intact's CAD300 million series 4 unsecured medium term notes due August 18, 2021.
In mid-November, RSA Insurance had agreed to be sold in a deal with a two-headed consortium which valued the insurer at GBP7.2 billion.
The deal will see the insurer divided between Canada's Intact and Scandinavian insurer Tryg AS.
Under the deal, RSA shareholders will receive 685 pence in cash for each share. In addition, RSA shareholders will be entitled to receive the insurer's interim dividend of 8p.
Current stock price: 683.94 pence
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By Dayo Laniyan; dayolaniyan@alliancenews.com
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