Irwin Financial Corp., Columbus, Ind., has reported the completion of a private placement of $51.75 million of 30-year trust preferred securities issued by IFC Capital Trust VIII.The securities bear interest at a fixed rate of 5.963% for the first five years and then convert to a variable interest rate of the three-month London interbank offered rate plus 153 basis points, Irwin said. The company said it plans to use the proceeds to redeem the entire $51.75 million par value of 10.50% securities due Sept. 30, 2030, that underlie the trust preferred securities issued by IFC Capital Trust II in 2000. Irwin can be found online at http://www.irwinfinancial.com.
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