On February 27, 2013, Industrial Alliance Insurance and Financial Services Inc. completed a bought deal financing pursuant to which it issued 6,330,000 Common Shares at a price of $37.50 per Common Share for total aggregate gross proceeds of approximately $237.3 million. The net proceeds of this offering will be used to redeem all of the outstanding 8.25% subordinated debentures due March 27, 2019 with a nominal value of $100 million and to redeem all of the Industrial Alliance Trust Securities – Series A (IATS) with a nominal value of $150 million.
The Common Shares were sold to a syndicate of underwriters co-led by National Bank Financial Inc. and BMO Nesbitt Burns Inc. and including RBC Dominion Securities, Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., Desjardins Securities Inc. and Industrial Alliance Securities Inc.
Industrial Alliance was represented in-house by Douglas Carrothers, Vice-President, Legal Services and Corporate Secretary and Jennifer Dibblee, Director, Corporate Affairs, Legal Department; and by a team from Lavery consisting of Marc Rochefort, Michel Servant, Guillaume Lavoie and Geneviève Fournier (corporate and securities), and Philip Nolan (tax).
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States.