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IGM Financial completes C$250M debentures offering

Canadian asset manager IGM Financial Inc. has completed its offering of C$250 million of its 4.206% debentures due March 21, 2050.

Net proceeds from the offering will be used to fund the redemption of all 6 million of its issued and outstanding 5.90% series B noncumulative first preferred shares, on or around April 30, and for general corporate purposes.

The redemption price for the series B shares will be C$25 per share, plus an amount equal to all declared and unpaid dividends.

The debentures were offered through a group of agents led by BMO Capital Markets and RBC Capital Markets.