Industrial Alliance plans C$250 million offering of fixed/floating-rate 10-year debentures

By Cristal Cody

Tupelo, Miss., May 13 - Industrial Alliance Insurance and Financial Services Inc. announced on Tuesday that it plans to bring a C$250 million offering of fixed-to-floating subordinated debentures due May 16, 2024.

TD Securities Inc. and RBC Capital Markets LLC are the lead managers.

Industrial Alliance Insurance and Financial Services may redeem the debentures in whole or in part on or after May 16, 2019.

The proceeds will be added to the company's general funds and used for general corporate purposes, including the June 30 redemption at par of C$150 million of outstanding 5.13% subordinated debentures due June 30, 2019.

The life and health insurance company is based in Quebec City.

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