IAG prices wholesale subordinated debt issue
Insurance Australia Group Limited (IAG) today advised that it has successfully priced A$400 million of securities under the wholesale A$ subordinated debt offering announced on 1 November 2023. The securities are scheduled to be issued on 8 November 2023 subject to customary conditions.
The subordinated debt qualifies as Tier 2 Capital under the Australian Prudential Regulation Authority's (APRA) capital adequacy framework for general insurers.
The A$400 million issue will pay investors interest on a quarterly basis at a floating rate equal to the three-month market rate (currently BBSW) plus a margin of 2.50% per annum.
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