CI Financial Announces Pricing of US$260 Million Re-Opening of 3.200% Notes Due 2030
CI Financial Corp. (CIX, CIXX) announced a US$260 million re-opening of its 3.200% notes due 2030, increasing the total principal to US$960 million. The Additional Notes will share identical terms with existing notes issued on December 17, 2020. Proceeds will be used to redeem C$325 million of 3.520% debentures due July 20, 2023. The offering, managed by BofA Securities and J.P. Morgan, is expected to close on January 19, 2021. It is registered with the SEC and will not be offered in Canada.
- Re-opening of notes increases total principal to US$960 million, enhancing liquidity.
- Proceeds aimed at redeeming higher interest rate debentures, potentially saving on interest expenses.
- The offering is subject to customary conditions, which may introduce uncertainty.
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified global asset and wealth management company, today announced the pricing of a US
The Additional Notes will form part of the same series as the outstanding US
CI intends to use the net proceeds from this offering to redeem CI’s outstanding C
BofA Securities, Inc. is acting as book-running manager for the offering, and J.P. Morgan Securities LLC is acting as joint-lead manager.
The offering is being made by way of a preliminary prospectus supplement dated January 13, 2021 to CI’s existing short form base shelf prospectus dated December 4, 2020, which forms a part of and is included in CI’s registration statement on Form F-10, filed in the United States with the SEC under the MJDS. A final prospectus supplement in respect of the offering of the notes will be filed with the Ontario Securities Commission in Canada and the SEC.
Copies of these documents may be obtained without charge by visiting EDGAR on the SEC website at www.sec.gov. Investors may also obtain copies of the prospectus for the offering by contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department; Telephone: 1-800-294-1322, Email: dg.prospectus_requests@bofa.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in Canada or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Under the terms of the offering, the underwriters have agreed not to offer or sell these securities in Canada or to any resident of Canada.
About CI Financial
CI Financial Corp. is an independent company offering global asset management and wealth management advisory services. CI managed and advised on approximately C
CI’s U.S. wealth management businesses consist of Balasa Dinverno Foltz LLC, Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress Wealth Management, LLC, Doyle Wealth Management, LLC, One Capital Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth Advisors, LLC, Stavis & Cohen Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the New York Stock Exchange under CIXX.
This press release contains forward-looking statements with respect to CI and the offering of its notes, including in relation to the anticipated closing date of the offering and use of the net proceeds of the offering. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar references to future periods, or conditional verbs such as “will”, “may”, “should”, “could” or “would”. These statements are not historical facts but instead represent management beliefs regarding future events, many of which by their nature are inherently uncertain and beyond management’s control. Although management believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied in reaching the conclusions contained in these forward-looking statements include that the investment fund industry will remain stable and that interest rates will remain relatively stable. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market conditions, including interest and foreign exchange rates, global financial markets, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI’s disclosure materials filed with applicable securities regulatory authorities from time to time. The foregoing list is not exhaustive and the reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, CI undertakes no obligation to update or alter any forward-looking statement after the date on which it is made, whether to reflect new information, future events or otherwise.
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FAQ
What is the amount of CI Financial's notes due in 2030 after the re-opening?
What will CI Financial use the proceeds from the additional notes for?
When is the expected closing date for CI Financial's note offering?
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Will the additional notes be offered in Canada?
