/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
QUEBEC CITY, May 16, 2014 /CNW Telbec/ - Industrial Alliance Insurance
and Financial Services Inc. ("Industrial Alliance" or the "Company")
announced today the closing of its previously announced offering of
$250 million principal amount of 2.80% fixed/floating subordinated
debentures due May 16, 2024 (the "Debentures").
The Debentures will mature on May 16, 2024 and, for the period from May
16, 2014 to but excluding May 16, 2019, will bear interest at a fixed
annual rate of 2.80%, payable semi-annually, and, for the period from
May 16, 2019 to but excluding May 16, 2024, will bear interest at a
variable annual rate equal to the 3-month bankers' acceptance rate
(CDOR) plus 0.79%, payable quarterly. Subject to prior regulatory
approval, Industrial Alliance may redeem the Debentures, in whole or in
part, on or after May 16, 2019.
The Debentures have been rated "A" by DBRS Limited and "A" by Standard &
The Debentures were offered through a syndicate of agents co-led by TD
Securities and RBC Capital Markets, and consisting of BMO Capital
Markets, Scotia Capital, CIBC World Markets, National Bank Financial,
Casgrain & Company and Industrial Alliance Securities.
The Debentures were issued under a prospectus supplement dated May 13,
2014 to the short form base shelf prospectus dated April 10, 2013.
Details of the offering are set out in the prospectus supplement which
is available on the SEDAR website at www.sedar.com and on the Company's website at www.inalco.com.
The Debentures 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.
This press release may contain statements relating to strategies used by
Industrial Alliance or statements that are predictive in nature, that
depend upon or refer to future events or conditions, or that include
words such as "may", "will", "could", "should", "would", "suspect",
"expect", "anticipate", "intend", "plan", "believe", "estimate", and
"continue" (or the negative thereof), as well as words such as
"objective" or "goal" or other similar words or expressions. Such
statements constitute forward-looking statements within the meaning of
securities laws. Forward-looking statements include, but are not
limited to, information concerning the Company's possible or assumed
future operating results. These statements are not historical facts;
they represent only the Company's expectations, estimates and
projections regarding future events.
Although Industrial Alliance believes that the expectations reflected in
such forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are applied in
making forward-looking statements, and actual results may differ
materially from those expressed or implied in such statements. Factors
that could cause actual results to differ materially from expectations
include, but are not limited to: general business and economic
conditions; level of competition and consolidation; changes in laws and
regulations including tax laws; liquidity of Industrial Alliance
including the availability of financing to meet existing financial
commitments on their expected maturity dates when required; accuracy of
information received from counterparties and the ability of
counterparties to meet their obligations; accuracy of accounting
policies and actuarial methods used by Industrial Alliance; insurance
risks including mortality, morbidity, longevity and policyholder
behaviour including the occurrence of natural or man-made disasters,
pandemic diseases and acts of terrorism.
Additional information about the material factors that could cause
actual results to differ materially from expectations and about
material factors or assumptions applied in making forward-looking
statements may be found under "Risk Factors" in Industrial Alliance's
most recent annual information form, in Industrial Alliance's most
recent management's discussion and analysis under "Risk Management", in
the "Management of Risks Associated with Financial Instruments" and
"Insurance Contract Liabilities" notes to Industrial Alliance's most
recent audited consolidated financial statements, and elsewhere in
Industrial Alliance's filings with Canadian securities regulators,
which are available for review at www.sedar.com.
The forward-looking statements in this news release reflect the
Company's expectations as of the date of this document. Industrial
Alliance does not undertake to update or release any revisions to these
forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated
events, except as required by law.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services
Inc. operates throughout Canada as well as in the United States. The
Company offers life and health insurance products, mutual and
segregated funds, savings and retirement plans, securities, auto and
home insurance, mortgage and car loans and other financial products and
services for both individuals and groups. Ranked among the top four
life and health insurance companies in Canada, Industrial Alliance is
one of Canada's largest public companies and trades on the Toronto
Stock Exchange under the ticker symbol IAG.
SOURCE Industrial Alliance Insurance and Financial Services Inc.