By Mary-Katherine Stinson
Lexington, Ky., June 16 – iA Financial Corp. Inc. priced a C$400 million offering of fixed-to-floating rate subordinated debentures, according to a press release.
The subordinated debentures are due June 20, 2033.
The debentures will bear interest initially at 5.685% which will transition to Corra plus 196 basis points after June 20, 2028.
The notes are being sold on a best-efforts basis via a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank as bookrunners and including CIBC World Markets, National Bank Financial, TD Securities, iA Private Wealth Inc., Casgrain & Co. Ltd. and UBS Securities Canada Inc.
Proceeds of the notes will be used for general corporate purposes, which may include investments in subsidiaries and debt repayment.
iA Financial is a Quebec City-based insurance and wealth management group.
| Issuer: | iA Financial Corp. Inc.
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| Amount: | C$400 million
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| Issue: | Fixed-to-floating rate subordinated debentures
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| Maturity: | June 20, 2033
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| Bookrunners: | RBC Capital Markets, BMO Capital Markets and Scotiabank, CIBC World Markets, National Bank Financial, TD Securities, iA Private Wealth Inc., Casgrain & Co. Ltd. and UBS Securities Canada Inc.
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| Coupon: | 5.685% initially; after June 20, 2028 at Corra plus 196 bps
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| Announcement date: | June 15
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| Settlement date: | June 20
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| Marketing: | Best efforts
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| Distribution: | Regulation S
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