Ms. Grace Pollock reports
INDUSTRIAL ALLIANCE ANNOUNCES THE CLOSING OF AN OFFERING OF $250 MILLION OF 2.64% FIXED/FLOATING SUBORDINATED DEBENTURES
Industrial Alliance Insurance and Financial Services Inc. has closed its previously announced offering of $250-million principal amount of 2.64-per-cent fixed/floating subordinated debentures due Feb. 23, 2027.
The debentures will mature on Feb. 23, 2027, and, for the period from Feb. 23, 2015, to but excluding Feb. 23, 2022, will bear interest at a fixed annual rate of 2.64 per cent, payable semi-annually, and, for the period from Feb. 23, 2022, to but excluding Feb. 23, 2027, will bear interest at a variable annual rate equal to the three-month bankers' acceptance rate (CDOR) plus 1.08 per cent, payable quarterly. Subject to prior regulatory approval, Industrial Alliance may redeem the debentures, in whole or in part, on or after Feb. 23, 2022.
The debentures have been rated A by DBRS Ltd. and A by Standard & Poor's.
The debentures were offered through a syndicate of agents led by TD Securities as sole lead and bookrunner, and consisting of RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., CIBC World Markets Inc. and Industrial Alliance Securities Inc. The debentures were issued under a prospectus supplement dated Feb. 18, 2015, to the short-form base-shelf prospectus dated April 10, 2013. Details of the offering are set out in the prospectus supplement, which is available on SEDAR and the company's website.
© 2024 Canjex Publishing Ltd. All rights reserved.