An anonymous director reports

IA FINANCIAL CORPORATION INC. ANNOUNCES THE CLOSING OF AN OFFERING OF $400 MILLION OF 2.400% FIXED/FLOATING SUBORDINATED DEBENTURES

iA Financial Corp. Inc. has closed its previously announced offering of $400-million principal amount of 2.4 per cent fixed/floating subordinated debentures due on Feb. 21, 2030.

The debentures will mature on Feb. 21, 2030, and, for the period from Feb. 21, 2020, to, but excluding, Feb. 21, 2025, will bear interest at a fixed annual rate of 2.4 per cent, payable semi-annually, and, for the period from Feb. 21, 2025, to, but excluding, Feb. 21, 2030, will bear interest at a variable annual rate equal to the three-month bankers' acceptance rate (Canadian-dollar offered rate) plus 0.71 per cent, payable quarterly. Subject to prior regulatory approval, iA Financial may redeem the debentures, in whole or in part, on or after Feb. 21, 2025.

The debentures have been rated "BBB (high)" by DBRS Ltd. and "A-" by S&P Global Ratings, a division of S&P Global Inc.

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

The debentures were issued under a prospectus supplement dated Feb. 18, 2020, to the short form base shelf prospectus dated Feb. 12, 2019. Details of the offering are set out in the prospectus supplement, which is available at the SEDAR website and at the company's website.

About iA Financial Corp. Inc.

iA Financial is one of the largest insurance and wealth management groups in Canada, with operations in the United States.