Transaction|December 7, 2010
CI Financial announces debenture financing
Torys acted as counsel to the underwriters with a team that included Philip Mohtadi, A.J. Silber, Blair Roedding (corporate) and Catrina Card (tax).
On December 7, 2010, CI Financial Corp. (TSX: CIX) (CI) announced that its wholly-owned subsidiary, CI Investments Inc., has entered into an agreement to sell C$300 million principal amount of debentures due 2016, which are unconditionally guaranteed by CI. The debentures will bear interest at the rate of 3.94% per year until December 13, 2015, and thereafter at a floating rate based on the three-month bankers' acceptance rate.
The offering was made on an agency basis under a CI Investments debt shelf prospectus dated December 7, 2010, and co-led by Scotia Capital Inc. and CIBC World Markets Inc. The agency group also included BMO Nesbitt Burns Inc., National Bank Financial, TD Securities Inc., Stonecap Securities Inc., and GMP Securities LP.
CI Investments intends to use a portion of the net proceeds of the offering to pay for the acquisition of Hartford Investments Canada Corp., which was announced on October 21, 2010 and is scheduled to close on or about December 15, 2010. The balance of the net proceeds will be used to pay down amounts owing under the CI credit facility and for general corporate purposes. The closing of the offering is scheduled for December 13, 2010, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.
CI Financial Corp. is an independent, Canadian-owned wealth management company that offers a broad range of investment products and services, including a selection of investment funds.
Further information is found on Canada Newswire.
The offering was made on an agency basis under a CI Investments debt shelf prospectus dated December 7, 2010, and co-led by Scotia Capital Inc. and CIBC World Markets Inc. The agency group also included BMO Nesbitt Burns Inc., National Bank Financial, TD Securities Inc., Stonecap Securities Inc., and GMP Securities LP.
CI Investments intends to use a portion of the net proceeds of the offering to pay for the acquisition of Hartford Investments Canada Corp., which was announced on October 21, 2010 and is scheduled to close on or about December 15, 2010. The balance of the net proceeds will be used to pay down amounts owing under the CI credit facility and for general corporate purposes. The closing of the offering is scheduled for December 13, 2010, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.
CI Financial Corp. is an independent, Canadian-owned wealth management company that offers a broad range of investment products and services, including a selection of investment funds.
Further information is found on Canada Newswire.