Insurance Australia Group Ltd. plans to raise at least A$300 million from an offer of subordinated debt.

The proposed floating-rate, medium-term notes will mature in June 2044, subject to rights of conversion or redemption, according to a March 22 release. Proceeds raised from the issuance are expected to qualify as Tier 2 capital,

IAG expects to price the offer by March 23.

JP Morgan Australia Ltd. and Westpac Banking Corp. are acting as joint lead managers.