Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
January 13 2021 - 4:26PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433 under the Securities Act of 1933
Registration Statement No. 333-251032
January 13, 2021
CI
FINANCIAL CORP.
US$260,000,000 3.200% NOTES DUE 2030
PRICING TERM SHEET
January 13, 2021
Issuer:
|
CI Financial Corp.
|
Security:
|
3.200% Notes due 2030 (the “Notes”)
|
Expected Ratings*:
|
BBB/Negative (S&P)
BBBH/Negative (DBRS)
|
Ranking:
|
Senior Unsecured
|
Size:
|
US$260,000,000
The Notes will be in addition to and form
part of the same series of notes as the US$700,000,000 aggregate principal amount of CI Financial Corp.’s 3.200% Notes due
2030, which were originally issued on December 17, 2020 (the “Original 2030 Notes”). The Notes will have the same
terms as the Original 2030 Notes, other than the issue date and the price to the public, will have the same CUSIP number as the
Original 2030 Notes, and will trade interchangeably with the Original 2030 Notes immediately upon settlement. After giving effect
to this offering, there will be a total of US$960,000,000 aggregate principal amount of notes of this series issued and outstanding.
|
Trade Date:
|
January 13, 2021
|
Expected Settlement Date**:
|
January 19, 2021 (T+3).
Under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to
settle in two business days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish
to trade the Notes on the date of pricing will be required, by virtue of the fact that the Notes initially will settle in
T+3, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of
the Notes who wish to trade the Notes on the date of pricing should consult their own advisors.
|
Maturity Date:
|
December 17, 2030
|
Coupon:
|
3.200% (interest will accrue from December 17, 2020)
|
Interest Payment Dates:
|
June 17 and December 17, commencing June 17, 2021
|
Price to Public:
|
100.913% of principal amount plus accrued interest from December
17, 2020
|
Benchmark Treasury:
|
UST 0.875% due November 15, 2030
|
Benchmark Treasury Price & Yield:
|
98-00; 1.090%
|
Spread to Benchmark Treasury:
|
+ 200 basis points
|
Yield:
|
3.090%
|
Denominations:
|
Initial denominations of US$2,000 and subsequent multiples of US$1,000
|
Change of Control:
|
at 101%
|
Redemption Provisions:
|
|
|
Make-Whole Call:
|
Prior to September 17, 2030 (three
months prior to maturity), treasury rate plus 35 basis points
|
|
Par Call:
Tax Call:
|
At any time on or after September 17,
2030 (three months prior to maturity), at 100% of the principal amount of the Notes to be redeemed
At par, in the event of certain changes in tax law
|
Use
of Proceeds:
|
The
net proceeds from the sale of the Notes will be used to redeem the C$325,000,000 aggregate principal amount of the issuer’s
3.520% debentures maturing July 20, 2023
|
CUSIP/ISIN:
|
125491 AN0 / US125491AN04
|
Book-Running Manager:
|
BofA Securities, Inc.
|
Joint-Lead Manager:
|
J.P.
Morgan Securities LLC
|
Co-Managers:
|
RBC
Capital Markets, LLC
CIBC World Markets Corp.
National Bank of Canada
Financial Inc.
Raymond James (USA) Ltd.
TD Securities (USA) LLC
Credit Suisse Securities
(USA) LLC
Goldman Sachs & Co.
LLC
Morgan Stanley &
Co. LLC
|
*Note: A securities rating is not a
recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration
statement (including a prospectus) and a prospectus supplement with the Securities and Exchange Commission (the “SEC”)
for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement,
the prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer
and this offering.
You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in
the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. (toll free) at 1-800-294-1322
or by emailing dg.prospectus_requests@bofa.com.
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Jun 2024 to Jul 2024
CI Financial (NYSE:CIXX)
Historical Stock Chart
From Jul 2023 to Jul 2024