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.
