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Insurance Australia Group prices A$350M in debt

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Insurance Australia Group prices A$350M in debt

Insurance Australia Group Ltd. raised A$350 million in a subordinated debt issue.

The debt, which qualifies as Tier 2 capital, will be issued March 29.

The issuance will pay out interest at a rate equal to the three-month bank bill swap rate plus a 2.10% margin, according to a March 23 statement.