{"id":8189,"date":"2009-10-06T12:03:57","date_gmt":"2009-10-06T16:03:57","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8189"},"modified":"2009-10-06T12:03:57","modified_gmt":"2009-10-06T16:03:57","slug":"new-issue-iag-600-straight","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8189","title":{"rendered":"New Issue: IAG 6.00% Straight"},"content":{"rendered":"<p>Industrial Alliance Insurance and Financial Services Inc. <a href=\"http:\/\/www.inalco.com\/english\/company\/releases\/release\/release.jsp?id=14443\">has announced<\/a>:<\/p>\n<blockquote><p>has today entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc. under which the underwriters have agreed to buy, on a bought deal basis, 4,000,000 Non-Cumulative Class A Preferred Shares Series E (the &#8220;Series E Preferred Shares&#8221;) from Industrial Alliance for sale to the public at a price of $25.00 per Series E Preferred Share, representing aggregate gross proceeds of $100 million.<\/p>\n<p>The Series E Preferred Shares will yield 6.00% per annum, payable quarterly, as and when declared by the Board of Directors of the Company.<\/p>\n<p>The Series E Preferred Shares will not be redeemable prior to December 31, 2014. Subject to regulatory approval, on or after December 31, 2014, Industrial Alliance may, on no less than 30 or more than 60 days\u2019 notice, redeem the Series E Preferred Shares in whole or in part, at the Company\u2019s option, by the payment in cash of $26.00 per Series E Preferred Share if redeemed prior to December 31, 2015, at $25.75 per Series E Preferred Share if redeemed on or after December 31, 2015 but prior to December 31, 2016, at $25.50 per Series E Preferred Share if redeemed on or after December 31, 2016 but prior to December 31, 2017, at $25.25 per Series E Preferred Share if redeemed on or after December 31, 2017 but prior to December 31, 2018 and at $25.00 per Series E Preferred Share if redeemed on or after December 31, 2018, in each case together with all declared and unpaid dividends up to but excluding the date fixed for redemption.<\/p>\n<p>The Series E Preferred Share offering is expected to close on October 15, 2009. The net proceeds will be used for general corporate purposes.<\/p><\/blockquote>\n<p>The first coupon is payable 2009-12-31 for $0.3139 assuming closing proceeds on 2009-10-15.<\/p>\n<p>IAG.PR.A closed last night at 19.66-80, or 5.90-85% in yield terms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industrial Alliance Insurance and Financial Services Inc. has announced: has today entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc. under which the underwriters have &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-8189","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8189"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8189\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}