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IA Financial closes C$400M subordinated debenture offering

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IA Financial closes C$400M subordinated debenture offering

IA Financial Corp. Inc. has closed an offering of C$400 million of 3.072% fixed/floating subordinated debentures due Sept. 24, 2031.

Up to but excluding Sept. 24, 2026, the debentures will bear interest at a fixed annual rate of 3.072%, payable semiannually. From Sept. 24, 2026, up to but excluding Sept. 24, 2031, the securities will bear interest at a variable annual rate equal to the three-month bankers' acceptance rate plus 1.31%, payable quarterly.

The company may redeem the debentures, in whole or in part, on or after Sept. 24, 2026, subject to prior regulatory approval.

The debentures were offered through a syndicate of agents led by BMO Capital Markets and TD Securities Inc. as co-leads and bookrunners. The syndicate also included National Bank Financial Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and Industrial Alliance Securities Inc.