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QUEBEC
CITY, QC, June 25, 2024 /CNW/ - iA Financial
Corporation Inc. (TSX: IAG) (the "Company") announced today
the completion of its previously announced offering of
$350 million aggregate principal amount of 6.921% Limited
Recourse Capital Notes Series 2024-1 (Subordinated Indebtedness)
(the "Notes") due September
30, 2084 (the "Offering").
In connection with the issuance of the Notes, the Company issued
350,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares,
Series B (the "Series B Shares"). These shares are held by
Computershare Trust Company of Canada, as trustee of iA Financial Corporation
LRCN Trust (the "Limited Recourse Trust"). In the event of a
non‑payment of interest or of the principal amount on the Notes
when due, the recourse of each holder of Notes shall be limited to
that holder's pro rata share of the assets of the Limited Recourse
Trust, which assets will consist of the Series B Shares, except in
certain limited circumstances.
The Notes have been assigned a rating of "BBB (high)" with a
Stable trend by DBRS Limited ("Morningstar DBRS") and a
rating of "BBB+" by S&P Global Ratings, a division
of S&P Global, Inc. ("S&P") and the Series
B Shares have been assigned a rating of "Pfd-2" with a Stable trend
by Morningstar DBRS and a rating of "BBB+" by S&P,
using S&P's global debt rating scale.
The Offering was completed on a best efforts agency basis by a
syndicate of agents co-led by CIBC Capital Markets, National Bank
Financial Markets and RBC Capital Markets.
The Offering was made under the Company's short form base shelf
prospectus dated April 25, 2024.
Complete details of the Offering are set out in the prospectus
supplement dated June 18, 2024, which
is available on SEDAR+ at www.sedarplus.com and on the
Company's website at www.ia.ca.
Notice
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale of any securities in any
jurisdiction in which such offering, solicitation or sale would be
unlawful.
The Notes have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or the securities laws of any state of
the United States of America, and
may not be offered, sold or delivered, directly or indirectly,
within the United States, its
territories, its possessions and other areas subject to its
jurisdiction or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the U.S. Securities
Act), except in certain transactions exempt from, or not subject
to, the registration requirements of the U.S. Securities Act and
applicable state securities laws. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any of these securities within the United
States.
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth
management groups in Canada, with
operations in the United States.
Founded in 1892, it is an important Canadian public company and is
listed on the Toronto Stock Exchange under the ticker symbols IAG
(common shares) and IAF (preferred shares).
iA Financial Group is a business name and trademark of iA
Financial Corporation Inc. and Industrial Alliance Insurance
and Financial Services Inc.
SOURCE iA Financial Group