CI Financial Announces Debenture Financing to Refinance Existing Indebtedness
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) announced today
that it has entered into an agreement to sell debentures with an
aggregate principal amount of $400 million, maturing on December 2,
2025. The 2025 debentures have a term of three years and carry an
interest rate of 7.00% payable semi-annually. The debentures have a
provisional rating of BBB (Stable) by DBRS, Baa2 (Stable) by
Moody’s, and BBB- (Negative) by Standard & Poor’s.
The offering is being made under CI’s previously filed base
shelf prospectus dated November 18, 2022 and is being led by RBC
Capital Markets, CIBC Capital Markets, TD Securities and National
Bank Financial Markets. CI intends to use the net proceeds from the
sale of debentures to refinance existing indebtedness, including
reducing its borrowing capacity under its existing credit facility.
The transaction will not result in an increase in debt.
CI is committed to deleveraging its business and intends to
target a net leverage ratio of between 1.5x – 2.0x.1
The closing of the offering is scheduled for December 2, 2022
and is subject to certain customary conditions.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
About CI Financial
CI Financial Corp. is a diversified global asset and wealth
management company operating primarily in Canada, the United States
and Australia. Founded in 1965, CI has developed world-class
portfolio management talent, extensive capabilities in all aspects
of wealth planning, and a comprehensive product suite. CI managed
and advised on approximately $364.3 billion in client assets as at
October 31, 2022.
CI operates in three segments:
- Asset Management, which includes the operations of CI Global
Asset Management and Australia based GSFM Pty Ltd.
- Canadian Wealth Management, which includes the operations of CI
Assante Wealth Management, Aligned Capital Partners, CI Private
Wealth (Canada), Northwood Family Office, CI Direct Investing and
CI Investment Services.
- U.S. Wealth Management, which includes CI Private Wealth US, a
national network of best-in-class wealth management teams.
CI is headquartered in Toronto and listed on the Toronto Stock
Exchange (TSX: CIX) and the New York Stock Exchange (NYSE: CIXX).
To learn more, visit CIʼs website or LinkedIn page.
1 Net Leverage calculated as net debt/Adjusted EBITDA
annualized. Net Leverage and Adjusted EBITDA are non-IFRS financial
measures. See “Non-IFRS Financial Measures” on pages 18-23 of the
Canadian Fixed Income Investor Update, dated November 23, 2022,
filed on SEDAR.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
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 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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