Industrial Alliance Insurance and Financial Services 4.80% Rate Reset Preferred Shares New Issue
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Industrial Alliance Insurance and Financial Services(IAG) is issuing $150M of 4.80% Rate Reset Preferred Shares with a first reset date at 2.75% above the then effective 5 year Gov. of Canada bond yield. The reset and possible call date is Mar-31-2023.
On Mar-31-2023 and on Mar-31 every five years thereafter this issue can be converted to an equal number of non-cumulative floating rate reset preferred shares with a quarterly dividend reset rate. The floating quarterly dividend rate will be equal to the 90-day Canadian Treasury Bill Rate plus 2.75%.
Rating – DBRS Pfd-2.(High)
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