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QUEBEC CITY, QC, June 25, 2024 /CNW/ - iA Financial Corporation Inc. (TSX: IAG) (the "Company") announced today the completion of its previously announced offering of $350 million aggregate principal amount of 6.921% Limited Recourse Capital Notes Series 2024-1 (Subordinated Indebtedness) (the "Notes") due September 30, 2084 (the "Offering").

In connection with the issuance of the Notes, the Company issued 350,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares, Series B (the "Series B Shares"). These shares are held by Computershare Trust Company of Canada, as trustee of iA Financial Corporation LRCN Trust (the "Limited Recourse Trust"). In the event of a non‑payment of interest or of the principal amount on the Notes when due, the recourse of each holder of Notes shall be limited to that holder's pro rata share of the assets of the Limited Recourse Trust, which assets will consist of the Series B Shares, except in certain limited circumstances.

The Notes have been assigned a rating of "BBB (high)" with a Stable trend by DBRS Limited ("Morningstar DBRS") and a rating of "BBB+" by S&P Global Ratings, a division of S&P Global, Inc. ("S&P") and the Series B Shares have been assigned a rating of "Pfd-2" with a Stable trend by Morningstar DBRS and a rating of "BBB+" by S&P, using S&P's global debt rating scale.

The Offering was completed on a best efforts agency basis by a syndicate of agents co-led by CIBC Capital Markets, National Bank Financial Markets and RBC Capital Markets.

The Offering was made under the Company's short form base shelf prospectus dated April 25, 2024. Complete details of the Offering are set out in the prospectus supplement dated June 18, 2024, which is available on SEDAR+ at www.sedarplus.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 Notes 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.



About iA Financial Group

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).

iA Financial Group is a business name and trademark of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.

SOURCE iA Financial Group Cision

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