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iA Financial Group Completes Offering of $250 million of Limited Recourse Capital Notes
iA Financial Group Completes Offering of $250 million of Limited Recourse Capital Notes ...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Group Completes Offering of $250 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.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 1, 2022\n \n \n /CNW Telbec/ - iA Financial Corporation Inc. (the \"\n \n Company\n \n \") announced today the completion of its previously announced offering of\n \n $250 million\n \n aggregate principal amount of 6.611% Limited Recourse Capital Notes Series 2022-1 (Subordinated Indebtedness) (the \"\n \n Notes\n \n \") due\n \n June 30\n \n , 2082 (the \"\n \n Offering\n \n \").\n \n \n In connection with the issuance of the Notes, the Company issued 250,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares, Series A (the \"\n \n Series A Shares\n \n \"). These shares are held by Computershare Trust Company of\n \n Canada\n \n , as trustee of a newly formed trust (the \"\n \n Limited Recourse Trust\n \n \"). In the event of a non-payment of interest or of the principal amount on the Notes when due, the recourse of each holder of Notes shall be limited to that holder's pro rata share of the assets of the Limited Recourse Trust, which assets will consist of the Series A Shares, except in certain limited circumstances.\n \n \n The Notes have been assigned a rating of \"BBB (high)\" with a Stable trend by DBRS Limited (\"\n \n DBRS\n \n \") and a rating of \"BBB+\" by S&P Global Ratings, a division of S&P Global, Inc. (\"\n \n S&P\n \n \") and the Series A Shares have been assigned a rating of \"Pfd-2\" with a Stable trend by DBRS and a rating of \"BBB+\" by S&P, using S&P's global debt rating scale.\n \n \n The Offering was completed on a best efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities and National Bank Financial Markets.\n \n \n The Offering was made under the Company's short form base shelf ...