07:34 AM EDT, 06/17/2025 (MT Newswires) -- IA Financial Group (IAG.TO) overnight Monday announced an offering of $400 million of Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C.

The company said these shares will be sold to institutional investors and will be issued at $1,000 per share. The offering is expected to close on or about June 23.

These shares will pay fixed dividends at a rate of 6.435% per annum, payable semi-annually. The dividend rate of the shares will reset every five years at a rate per annum equal to the prevailing 5-year Government of Canada Yield, plus 3.40%.

IA Financial ( IAFNF ) expects to use proceeds from the share sale for general corporate purposes.

Shares of the company closed up 1% to $143.75 on the Toronto Stock Exchange.