IAG.PR.C To Be Redeemed

Industrial Alliance Insurance and Financial Services Inc. has announced:

that it has the intention to redeem, on December 31, 2013, all of its Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C (the “Series C Preferred Shares”) then outstanding. The redemption price will be $25.00 for each Series C Preferred Share plus an amount equal to all declared and unpaid dividends, less any tax required to be deducted and withheld by Industrial Alliance. There are 4,000,000 Series C Preferred Shares outstanding as of today.

A formal notice and instructions for the redemption of the Series C Preferred Shares will be sent to all registered shareholders in accordance with the rights, privileges, restrictions and conditions attached to the Series C Preferred Shares. The redemption of the Series C Preferred Shares is subject to the approval of the Autorité des marchés financiers.

IAG.PR.C is a FixedReset, 6.20%+338, which commenced trading at a very bad time for the markets; in fact, the underwriters had great difficulty unloading the issue. It has been tracked by HIMIPref™ and is a constituent of the FixedReset subindex.

This entry was posted on Wednesday, November 6th, 2013 at 5:15 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “IAG.PR.C To Be Redeemed”

  1. adrian2 says:
    November 7, 2013 at 9:57 am

    For a trip down memory lane, in the first link above, 5 years ago you’ve noted:

    The issue traded 115,300 shares in a range of 23.90-40, indicating that at least some of the issue made it off the underwriter’s shelves. It closed at 23.80-90, 100×4.

    At the bid price, the YTW is 6.38% based on a Canada Five-Year rate of 2.57% and a limitMaturity. The “5-Year Yield” is 7.38%, based on a hoped for, but currently unlikely, call at par 2014-1-30.

    The perpetual, IAG.PR.A, closed at 12.75-71 to yield 9.26% based on the bid price of 12.75 and a limitMaturity (yield from the ask is 8.54%).

  2. jiHymas says:
    November 7, 2013 at 10:41 am

    Those were the good old days!

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