Insurance Australia Group Limited
(ASX:IAG) has launched an offer of Capital Notes, looking to raise approximately $300 million.
The notes are scheduled to pay quarterly, floating rate, discretionary distributions and to be fully franked.
IAG has indicated the notes have an issue price of $100 and will qualify as additional Tier 1 Capital.
Margin on the notes will be determined following the Bookbuild, and is expected to be in the range of 4.70 percent to 4.90 percent.
Insurance Australia Group Limited reported a net profit of $702 million at 30 June 2016.