Insurance Australia Group today announced an offer to raise $300m with the ability to raise more or less. The Capital Notes are scheduled to pay quarterly floating rate discretionary distributions which are expected to be fully franked. The optional exchange date will be 15 June 2023, and they will mandatorily convert to IAG shares on 16 June 2025.

The notes will qualify as additional tier 1 capital, and will trade under the code IAGPD. The deal comprises an Institutional Offer, a Broker Firm offer to Sophisticated Investors, and a reinvestment offer to eligible CPS holders.

UBS is arranger, and UBS, NAB and Westpac Institutional Branch are Joint Lead Managers.

Crestone and JBWere are Co-managers to the offer.

For further information, please see www.iag.com.au