iA Financial Group completes public offerings

On March 7, 2018, Industrial Alliance Insurance and Financial Services Inc. (iA Financial Group) completed a bought deal public offering of 2,500,000 Common Shares (the Common Shares) and a concurrent bought deal public offering of 6,000,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series I (the Series I Preferred Shares).

On March 12, 2018, iA Financial Group also closed the over-allotment option, which was exercised in full, to its offering of Common Shares.

The Common Shares were priced at $54.10 per Common Share for aggregate gross proceeds of $148,775,000 and the Series I Preferred Shares were priced at $25.00 per Series I Preferred Share for aggregate gross proceeds of $150,000,000. The Common Shares and the Series I Preferred Shares were issued under two distinct prospectus supplements each dated February 28, 2018 to iA Financial Group’s short form base shelf prospectus dated June 22, 2017.

Both offerings were purchased by a syndicate of underwriters co-led by TD Securities Inc. and National Bank Financial Inc., and which also included RBC Capital Markets, Scotiabank, BMO Capital Markets, CIBC Capital Markets and Industrial Alliance Securities Inc.

iA Financial Group was represented in-house by Jennifer Dibblee, Chantale Blais and Valérie Pelletier. Norton Rose Fulbright Canada LLP acted as counsel to iA Financial Group with a team led by Thierry Dorval and Elliot Shapiro and comprised of Peter Wiazowski, Emmanuel Grondin, Weihe Feng (corporate finance and securities), and Sébastien Gingras and Antoine Desroches (tax).

McCarthy Tétrault LLP acted as Canadian counsel to the underwriters with a team that included Andrew Parker, Charles-Antoine Soulière, Myreille Gilbert and Charles-Alexandre Jobin (securities) and Gabrielle Richards (tax). Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel to the underwriters with a team that included Christopher Cummings and Aaron Abramson.

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