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IA Financial commences C$400M subordinated debenture offering

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IA Financial commences C$400M subordinated debenture offering

IA Financial Corp. Inc. commenced a best-efforts offering of C$400 million of its 3.072% fixed/floating subordinated debentures due Sept. 24, 2031.

Interest on the debentures at the rate of 3.072% per year will be paid semiannually on March 24 and Sept. 24 of each year, starting March 24, 2020, until Sept. 24, 2026. After Sept. 24, 2026, interest will be paid at a rate equal to the 3-month bankers' acceptance rate plus 1.31% per year on March 24, June 24, Sept. 24 and Dec. 24 of each year, starting Dec. 24, 2026.

The offering is expected to close on or about Sept. 24. The company intends to add the net proceeds from the offering to its general funds and will be used for general corporate purposes.

The offering is being done by a syndicate of agents co-led by BMO Capital Markets and TD Securities Inc., who are also the book runners, and consisting of National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Industrial Alliance Securities Inc.