CI Financial Announces Pricing of US$700 Million Notes Offering
11 December 2020 - 10:00AM
Business Wire
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX), a diversified
global asset and wealth management company, announced today that it
has priced an underwritten public offering of US$700 million
aggregate principal amount of 3.200% notes due 2030.
CI intends to use the net proceeds from this offering to repay
outstanding indebtedness under its revolving credit facility, and
the remainder of the net proceeds, if any, for general corporate
purposes. The offering is expected to close on December 17, 2020
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 December 10, 2020 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 approximately C$202.6
billion in assets as at October 31, 2020. CI’s primary asset
management businesses are CI Global Asset Management and GSFM Pty
Ltd., and it operates in wealth management through Assante Wealth
Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital
Partners Inc., CI Direct Investing (WealthBar Financial Services
Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, One Capital Management, 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/20201210006165/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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