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iA Financial Group Announces the Closing of Offering of $400 million of 5.685% Fixed/Floating Unsecured Subordinated Debentures
iA Financial Group Announces the Closing of Offering of $400 million of 5.685% Fixed/Floating Uns...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Group Announces the Closing of 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 QUÉBEC CITY\n \n ,\n \n \n June 20, 2023\n \n \n /CNW/ - iA Financial Group (the \"\n \n Company\n \n \") announced today the closing of its previously announced offering of\n \n $400 million\n \n aggregate principal amount of 5.685% fixed/floating unsecured subordinated debentures due\n \n June 20, 2033\n \n (the \"\n \n Debentures\n \n \").\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\n \n September 20, 2028\n \n . Subject to prior regulatory approval, the Company may redeem the Debentures, in whole or in part, on or after\n \n June 20, 2028\n \n .\n \n \n The Debentures have been rated \"A (low)\" by DBRS Limited and \"A-\" by S&P Global Ratings, a division of S&P Global, Inc.\n \n \n The Debentures were offered through 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 Debentures were issued under a prospectus supplement dated\n \n June 15, 2023\n \n to the short form bas...