iA Financial Group Announces the Closing of Offering of $400 million of 5.685% Fixed/Floating Unsecured Subordinated Debentures

iA Financial Group (the “Company”) announced today the closing of its previously announced offering of $400 million aggregate principal amount of 5.685% fixed/floating unsecured subordinated debentures due June 20, 2033 (the “Debentures”).

The Debentures will mature on June 20, 2033. Interest on the Debentures at the rate of 5.685% per annum will be payable in arrears in equal semi-annual installments on June 20 and December 20, in each year, commencing on December 20, 2023 and continuing until June 20, 2028. After June 20, 2028, interest on the Debentures will be payable at a rate per annum equal to Daily Compounded CORRA plus 1.96% payable quarterly in arrears on the 20th day of each of March, June, September and December in each year, commencing on September 20, 2028. Subject to prior regulatory approval, the Company may redeem the Debentures, in whole or in part, on or after June 20, 2028.

The Debentures have been rated “A (low)” 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 RBC Capital Markets, BMO Capital Markets and Scotiabank, as co-leads and bookrunners, and including, CIBC World Markets, National Bank Financial, TD Securities, iA Private Wealth Inc., Casgrain & Company Limited and UBS Securities Canada Inc.

The Debentures were issued under a prospectus supplement dated June 15, 2023 to the short form base shelf prospectus dated April 5, 2022. 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.