By Cristal Cody
Tupelo, Miss., Sept. 20 – iA Financial Corp. Inc. priced C$400 million of fixed-to-floating rate subordinated debentures due Sept. 24, 2031 (A-//DBRS: A) at par to yield 3.072% in a Regulation S offering, according to additional deal details in a final term sheet.
The fixed rate on the debentures will reset Sept. 24, 2026 to a floating rate of CDOR plus 131 basis points.
BMO Nesbitt Burns Inc. and TD Securities Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
iA Financial is a Quebec City-based insurance and wealth management group.
| Issuer: | iA Financial Corp. Inc.
|
| Amount: | C$400 million
|
| Description: | Fixed-to-floating rate subordinated debentures
|
| Maturity: | Sept. 24, 2031
|
| Bookrunners: | BMO Nesbitt Burns Inc. and TD Securities Inc.
|
| Co-managers: | National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Industrial Alliance Securities Inc.
|
| Coupon: | 3.072%; resets Sept. 24, 2026 to floating rate of CDOR plus 131 bps
|
| Price: | Par
|
| Yield: | 3.072%
|
| Call feature: | On or after Sept. 24, 2026 at par
|
| Trade date: | Sept. 19
|
| Settlement date: | Sept. 24
|
| Ratings: | S&P: A-
|
| DBRS: A
|
| Distribution: | Regulation S
|
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