IMB Ltd will pay 425 basis points over the bank bill swap rate for A$30 million of notes it issued yesterday. The subordinated floating rate notes, which are eligible for inclusion as Tier 2 capital, were issued under IMB's existing debt issuance program. They have a 10-year term with a five-year non-call period.IMB said in a statement that it expected the notes to be rated BBB- by Standard & Poor's. ANZ was the lead manager and dealer.IMB also announced that it has bought out ipac Group Services from a financial planning joint venture.IMB and ipac were 50/50 shareholders in IMB Financial Planning Ltd. Following the buyout IMB Financial Planning is a wholly owned IMB subsidiary.IMB said in a statement that ipac would continue to provide access to a product platform and professional support services. IMB also announced the appointment of James Coleman as a non-executive director, following the retirement of Lyn Gearing. Coleman is a former group chief credit officer at Westpac.