IAG to redeem Tier 2 debt issue
18 Feb 2019
Insurance Australia Limited (IAL), a wholly-owned subsidiary of Insurance Australia Group Limited (IAG), is giving notice to holders of its $350 million Tier 2 subordinated debt instrument, originally issued in March 2014, that it will proceed with redemption of the instrument at the issuer call date on 19 March 2019.
This will be financed via the funds raised through the similar-sized subordinated debt issue in March 2018.
The intention to redeem this instrument was first communicated to investors in IAG’s 1H19 Investor Report released on 6 February 2019.