iA Financial Group (IAG.TO) announced late Thursday an offering of $500 million aggregate principal amount of 4.158% fixed/floating unsecured subordinated debentures due May 26, 2036.
The interest on the debentures at the rate of 4.158% per annum will be payable in arrears in equal semi-annual installments on May 26 and November 26, in each year, commencing on November 26, 2026, and continuing until May 26, 2031, said the company.
From May 26, 2031, interest on the debentures will be payable at a rate per annum equal to Daily Compounded CORRA plus 1.15% payable quarterly in arrears on the 26th day of each of February, May, August, and November in each year, starting on August 26, 2031, the company stated.
It plans to use the net proceeds from the sale of the debentures for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.
The offering is expected to close on or about May 26, 2026, said the company.
"The offering is being done on a best efforts agency basis by a syndicate of agents led by RBC Capital Markets, BMO Capital Markets and CIBC Capital Markets, as co-leads and bookrunners, and including, National Bank Financial Markets, Scotiabank, TD Securities, iA Private Wealth Inc., Casgrain & Company Limited and UBS Investment Bank," it added.