iA Financial Group Announces Offering of $400 million of Institutional Preferred Shares

QUEBEC CITY--(BUSINESS WIRE)--iA Financial Corporation Inc. (TSX: IAG) (the “Company”) announced today an offering of $400 million of Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C (the “Preferred Shares”). The Preferred Shares will be sold to certain institutional investors on a best-efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, National Bank Financial Markets and TD Securities.

The Preferred Shares will be issued at a price of $1,000 per share and will pay fixed dividends at a rate of 6.435% per annum, payable semi-annually, as and when declared by the Board of Directors of the Company, for the initial period ending on, but excluding, June 30, 2030. Thereafter, the dividend rate of the Preferred Shares will reset every five years at a rate per annum equal to the prevailing 5-year Government of Canada Yield, plus 3.40%.

The offering is expected to close on or about June 23, 2025. The Company intends to use the net proceeds from the sale of the Preferred Shares for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.

Subject to the prior approval of the Autorité des marchés financiers, the Company may redeem the Preferred Shares, in whole or in part, on June 30, 2030 and every five years thereafter during the period from May 30 to and including June 30, commencing in 2035, on not less than 10 days’ and not more than 60 days’ prior notice.

The Preferred Shares will be offered in each of the provinces of Canada under a shelf prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated April 25, 2024 (the “Shelf Prospectus”).

Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to the documents. The Shelf Prospectus is, and the Prospectus Supplement will be (within two business days), accessible on SEDAR+ at www.sedarplus.ca.

An electronic or paper copy of the Prospectus Supplement, the Shelf Prospectus and any amendment to the documents may be obtained, without charge, from RBC Dominion Securities Inc. by contacting torontosyndicate@rbccm.com, National Bank Financial Inc. by contacting syndicate-corp@nbc.ca or TD Securities Inc. by contacting TDCAN-Syndicate@tdsecurities.com, by providing the contact with an email address or address, as applicable.

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 Preferred Shares 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).

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iA Financial Group is a business name and trademark of iA Financial Corporation Inc.