Business
iA Financial Group Announces Offering of $400 million of Institutional Preferred Shares
The shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"iA Financial Group Announces Offering of $400 million of Institutional Preferred Shares\n\n\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 the United States.\n \n\n\n\n\n\n iA Financial Corporation Inc. (TSX: IAG) (the “\n \n Company\n \n ”) announced today an offering of $400 million of Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C (the “\n \n Preferred Shares\n \n ”). The Preferred Shares will be sold to certain institutional investors on a best-efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, National Bank Financial Markets and TD Securities.\n \n\n The Preferred Shares will be issued at a price of $1,000 per share and will pay fixed dividends at a rate of 6.435% per annum, payable semi-annually, as and when declared by the Board of Directors of the Company, for the initial period ending on, but excluding, June 30, 2030. Thereafter, the dividend rate of the Preferred Shares will reset every five years at a rate per annum equal to the prevailing 5-year Government of Canada Yield, plus 3.40%.\n \n\n The offering is expected to close on or about June 23, 2025. The Company intends to use the net proceeds from the sale of the Preferred Shares for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.\n \n\n Subject to the prior approval of the Autorité des marchés financiers, the Company may redeem the Preferred Shares, in whole or in part, on June 30, 2030 and every five years thereafter during the period from May 30 to and including June 30, commencing in 2035, on not less than 10 days’ and not more than 60 days’ prior notice.\n \n\n The Preferred Shares will be offered in each of the provinces of Canada under a shelf prospectus supplement (the “\n \n Prospectus Supplement\n \n ”) to the Company’s short form base shelf prospectus dated April 25, 2024 (the “\n \n Shelf Prospectus\n \n ”).\n \n\n Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities l...