IAG launches Capital Notes offer

Company News

by Jessica Ellerm


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.
 

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