iA Financial Corporation Inc. Announces the Closing of an Offering of $400 million of 2.400% Fixed/Floating Subordinated Debentures

iA Financial Corporation Inc. (“iA Financial Corporation” or the “Company”) announced today the closing of its previously announced offering of $400 million principal amount of 2.400% fixed/floating subordinated debentures due February 21, 2030 (the “Debentures”).

The Debentures will mature on February 21, 2030 and, for the period from February 21, 2020 to but excluding February 21, 2025, will bear interest at a fixed annual rate of 2.400%, payable semi-annually, and, for the period from February 21, 2025 to but excluding February 21, 2030, will bear interest at a variable annual rate equal to the 3-month bankers’ acceptance rate (CDOR) plus 0.71%, payable quarterly. Subject to prior regulatory approval, iA Financial Corporation may redeem the Debentures, in whole or in part, on or after February 21, 2025.

The Debentures have been rated “BBB (high)” by DBRS Limited 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 February 18, 2020 to the short form base shelf prospectus dated February 12, 2019. Details of the offering are set out in the prospectus supplement which is available on the SEDAR website at www.sedar.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 Debentures 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.