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iA Financial Group Announces Offering of $350 million of Limited Recourse Capital Notes
iA Financial Group Announces Offering of $350 million of Limited Recourse Capital Notes ...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Group Announces Offering of $350 million of Limited Recourse Capital Notes\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n The shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents will be accessible through SEDAR+ within two business days.\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n \n QUEBEC CITY, QC\n \n \n ,\n \n \n June 17, 2024\n \n \n /CNW/ - iA Financial Corporation Inc. (TSX: IAG) (the \"\n \n Company\n \n \") announced today that it intends to issue\n \n $350 million\n \n aggregate principal amount of 6.921% Limited Recourse Capital Notes Series 2024-1 (Subordinated Indebtedness) (the \"\n \n Notes\n \n \") due\n \n September 30\n \n , 2084 (the \"\n \n Offering\n \n \").\n \n \n The Offering is expected to close on or about\n \n June 25, 2024\n \n . The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.\n \n \n The Notes will mature on\n \n September 30, 2084\n \n . Interest on the Notes at the rate of 6.921% per annum will be payable in semi-annual installments in arrears on March 31 and September 30 in each year, commencing on\n \n September 30, 2024\n \n and continuing until\n \n September 30, 2029\n \n . Starting on\n \n September 30, 2029\n \n and on every fifth anniversary of such date thereafter until\n \n September 30, 2079\n \n (each such date an \"\n \n Interest Reset Date\n \n \"), the interest rate on the Notes will be reset at an interest rate per annum equal to the prevailing 5-year Government of Canada Yield on the business day prior to such Interest Reset Date, plus 3.600%.\n \n \n In connection with the issuance of the Notes, the Company will issue 350,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares, Series B (the \"\n \n Series B Shares\n \n \"). These shares will be held by C...