06:39 AM EDT, 06/18/2024 (MT Newswires) -- iA Financial ( IAFNF ) on Monday launched an offering of $350 million of 6.921% limited recourse capital notes series 2024-1 due Sept. 30, 2084.

The offering is scheduled to close on June 25. Net proceeds from the offering will be used for general corporate purposes, which may include investments in subsidiaries and debt repayment.

Interest on the notes will be payable in semi-annual installments in arrears on March 31 and Sept. 30, starting Sept. 30, 2024, and continuing until Sept. 30, 2029.

Starting Sept. 30, 2029, and on every fifth anniversary until Sept. 30, 2079, the interest rate will reset at an interest rate per annum equal to the prevailing five-year Government of Canada Yield on the business day prior to the interest reset date, plus 3.6%.

The company can redeem the notes from Aug. 31 to Sept. 30 beginning in 2029 and then every five years after that at a redemption price equal to the principal amount of the notes and any accrued and unpaid interest up to the date of redemption.

iA Financial's ( IAFNF ) share price gained 0.4% to $85.53 on Monday.