Intact Raises $1.9 Billion of Public Markets Financing to Fund the Acquisition of AXA Canada

Intact Financial Corporation (IFC) completed five financing transactions during the summer of 2011 consisting of a subscription receipt offering (gross proceeds $960 million), two preferred share offerings (gross proceeds $500 million) and two medium term note offerings (gross proceeds $400 million).  The proceeds from these offerings were used to fund a portion of IFC’s $2.6 billion acquisition of AXA Canada which was completed in September 2011.

IFC was represented by its internal counsel (Françoise Guénette, Senior Vice-President, Corporate and Legal Services, and Secretary, Chantal Denommee, Vice-President, Legal Services and Compliance, Danistan Saverimuthu, Senior Counsel and Mathieu Grenier, Legal Counsel) and McMillan LLP with a team that included Sean Farrell, Kim Poster, Margaret McNee, Jason Chertin, Wendy Chun, Mary-Ann Haney and Ryan Morris.