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iA Financial Group Announces Offering of $400 million of 5.685% Fixed/Floating Unsecured Subordinated Debentures
iA Financial Group Announces Offering of $400 million of 5.685% Fixed/Floating Unsecured Subordin...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Group Announces Offering of $400 million of 5.685% Fixed/Floating Unsecured Subordinated Debentures\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\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\n \n \n ,\n \n \n June 15, 2023\n \n \n /CNW/ - iA Financial Group (the \"\n \n Company\n \n \") announced today an offering of $400 million aggregate principal amount of 5.685% fixed/floating unsecured subordinated debentures (the \"\n \n Debentures\n \n \") due June 20, 2033 (the \"\n \n Offering\n \n \").\n \n \n The Offering is expected to close on or about\n \n June 20, 2023\n \n . The Company intends to use the net proceeds from the sale of the Debentures for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.\n \n \n The Debentures will mature on\n \n June 20, 2033\n \n . Interest on the Debentures at the rate of 5.685% per annum will be payable in arrears in equal semi-annual installments on\n \n June 20\n \n and\n \n December 20\n \n , in each year, commencing on\n \n December 20, 2023\n \n and continuing until\n \n June 20, 2028\n \n . After\n \n June 20\n \n , 2028, interest on the Debentures will be payable at a rate per annum equal to Daily Compounded CORRA plus 1.96% payable quarterly in arrears on the 20\n \n th\n \n day of each of March, June, September and December in each year, commencing on September 20, 2028.\n \n \n The Offering is being done on a best efforts agency basis by a syndicate of agents led by RBC Capital Markets, BMO Capital Markets and Scotiabank, as co-leads and bookrunners, and including, CIBC World Markets, National Bank Financial, TD Securities, iA Private Wealth Inc., Casgrain & Company Limited and UBS Securities Canada Inc.\n \n \n The Offering is being made under the short form base shelf prospectus dated\n \n April 5, 2022\n \n . Complete...