Montreal advised Industrial Alliance Insurance and Financial Services Inc. (the Company) in its bought deal public offering of 2,750,000 Common Shares (the Common Shares), which included the full exercise of the over-allotment option granted to the underwriters, and its 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). The Common Shares were priced at C$54.10 per Common Share for aggregate gross proceeds of $148,775,000 and the Series I Preferred Shares were priced at C$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 the Company’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.
The team included Thierry Dorval, Elliot Shapiro, Peter Wiazowski, Emmanuel Grondin, Weihe Feng (corporate finance and securities), Sébastien Gingras and Antoine Desroches (tax).