CI Financial Announces Pricing of US$260 Million Re-Opening of 3.200% Notes Due 2030
January 13 2021 - 5:00PM
Business Wire
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, today announced the
pricing of a US$260 million re-opening of its 3.200% notes due 2030
(the “Additional Notes”).
The Additional Notes will form part of the same series as the
outstanding US$700 million principal amount of 3.200% notes due
2030 (the “Existing Notes”), which were issued on December 17,
2020. Following the re-opening, the aggregate principal amount of
the series will be US$960 million. The terms of the Additional
Notes will be identical to the Existing Notes, other than the issue
date and issue price.
CI intends to use the net proceeds from this offering to redeem
CI’s outstanding C$325 million aggregate principal amount of 3.520%
debentures due July 20, 2023. The offering is expected to close on
January 19, 2021 and is subject to certain customary conditions.
The notes, registered with the Securities and Exchange Commission
(the “SEC”) under the Multijurisdictional Disclosure System
(“MJDS”) in Canada and the United States, will not be offered in
Canada or to any resident of Canada.
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$231 billion (US$182 billion)
in client assets as at December 31, 2020. CI’s primary asset
management businesses are CI Global Asset Management (CI
Investments Inc.) and GSFM Pty Ltd., and it operates in Canadian
wealth management through Assante Wealth Management (Canada) Ltd.,
CI Private Counsel LP, Aligned Capital Partners Inc., CI Direct
Investing (WealthBar Financial Services Inc.), and CI Investment
Services Inc.
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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version on businesswire.com: https://www.businesswire.com/news/home/20210113005903/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
610-415-1145 cifinancial@gregoryfca.com
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