Industrial Alliance Insurance and Financial Services Inc. has announced:
that it has closed its previously announced bought deal public offering of Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series G (the “Series G Preferred Shares”) at a price of $25.00 per Series G Preferred Share purchased by a syndicate of underwriters co-led by Scotiabank and RBC Capital Markets. The offering results in a total of 6,000,000 Series G Preferred Shares being issued today by Industrial Alliance for gross proceeds of $150,000,000.
The net proceeds of this offering will be used for general corporate purposes and will be added to Industrial Alliance’s capital base.
The Series G Preferred Shares were issued under a prospectus supplement dated May 25, 2012 to the short form base shelf prospectus of Industrial Alliance dated April 29, 2011. Details of the offering are set out in the prospectus supplement which is available on SEDAR at www.sedar.com.
IAG.PR.G is a FixedReset, 4.30%+285, announced May 24. The issue will be tracked by HIMIPref™ and assigned to the FixedReset subindex.
IAG.PR.G traded 353,936 shares today in a range of 24.90-09 before closing at 25.05-08, 6×35. Vital statistics are:
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.24 %