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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.