Intact Financial Corporation issued subordinated notes on March 26 to raise $250 million in capital.

The money will go toward partly financing the acquisition of RSA.

If the acquisition is not completed for any reason, the proceeds will be used for general corporate purposes, the insurer said. The transaction is expected to close by the end of the second quarter of 2021, that is by June 30.

The notes, which will be offered on an underwritten basis by a syndicate jointly led by CIBC Capital Markets, National Bank Financial Markets and TD Securities, are expected to be issued on or about March 31, 2021. The notes will be offered via private placement to accredited non-individual investors in each of the provinces of Canada.