Definity Financial Corporation is raising $1 billion through a private placement of senior unsecured notes to accredited investors in Canada, with proceeds earmarked to finance its $3.3 billion acquisition of the Canadian operations of The Travelers Companies.

The financing will be split between two series: $650 million of 3.709% series 1 notes, maturing Sept. 12, 2030, and $350 million of 4.393% series 2 notes, maturing Sept. 12, 2035. Both series will rank pari passu with Definity's other unsecured obligations.

The 2030 notes may be redeemend before Aug. 12, 2030, and the 2035 notes before June 12, 2035, at the greater of the Canada Yield Price or 100% of the principal, plus accrued interest. After the par call dates, they may be redeemed at par. If the Travelers acquisition fail

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