trending Market Intelligence /marketintelligence/en/news-insights/trending/5fD92Nhg7Gqvbohavt_3ng2 content esgSubNav
In This List

IGM Financial offering C$250M of debentures


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Banks’ Response to Rising Rates & Liquidity Concerns

IGM Financial offering C$250M of debentures

Canadian asset manager IGM Financial Inc. priced an offering of C$250 million principal amount of debentures.

The debentures will be dated March 20, will mature March 21, 2050, and will bear an annual interest rate of 4.206%. Interest will be payable semiannually in arrears on March 21 and Sept. 21 of each year, starting Sept. 21. The debentures will be offered through a group of agents led by BMO Capital Markets and RBC Capital Markets.

The offering is expected to close on or about March 20.

IGM Financial plans to use the net proceeds from the offering to fund the intended redemption of all 6 million of its issued and outstanding 5.90% series B noncumulative first preferred shares and for general corporate purposes.

The company plans to issue a notice to redeem the series B preferred shares on or about April 30. The redemption price will be C$25.00 for each share plus an amount equal to all declared and unpaid dividends, net of any tax required to be withheld by IGM Financial.