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Industrial Alliance closes offerings of common, preferred shares

Industrial Alliance Insurance and Financial Services Inc. has closed offerings of common and preferred shares.

The company completed its bought deal public offering of 2.5 million common shares at a price of C$54.10 per common share, for gross proceeds of C$135.3 million.

Industrial Alliance also finished a concurrent bought-deal public offering of 6 million noncumulative five-year rate reset class A preferred shares series I at a price of C$25 per series I preferred share, for gross proceeds of C$150 million.

Both offerings were purchased by a syndicate of underwriters co-led by TD Securities Inc. and National Bank Financial Inc. The syndicate also included RBC Capital Markets, Scotiabank, BMO Capital Markets, CIBC Capital Markets and Industrial Alliance Securities Inc.