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CI Financial tenders for up to C$1 billion debentures from three series; offers expire May 18
By Marisa Wong
Los Angeles, May 11 – CI Financial Corp. announced it is offering to purchase for cash, in three separate offers, a targeted aggregate principal amount of up to C$1 billion of the outstanding debentures of three series.
The company is offering to purchase debentures from the following series:
• C$301,433,000 outstanding 3.125% debentures due July 22, 2024 (Cusip: 125491AL4), with pricing to be determined using the 2.5% Government of Canada bond due June 1, 2024 and a fixed spread of 45 basis points;
• C$450 million outstanding 3.759% debentures due May 26, 2025 (Cusip: 125491AJ9), with pricing to be determined using the 2.25% Government of Canada bond due June 1, 2025 and a fixed spread of 84 bps; and
• C$250 million outstanding 3.904% debentures due Sept. 27, 2027 (Cusip: 125491AG5), with pricing to be based on the 2.75% Government of Canada bond due Sept. 1, 2027 and a fixed spread of 190 bps.
The issuer will also pay accrued interest.
The amount of each series of debentures that is purchased in the offers will be determined solely at the issuer’s discretion.
Tenders may be subject to proration.
The offers are not contingent on the tender of any minimum principal amount of debentures.
The offers will expire at 5 p.m. ET on May 18.
Settlement is expected to be on May 24.
RBC Dominion Securities Inc. (877 381-2099 or 416 842-6311) is the dealer manager for the tender offers. Computershare Investor Services Inc. (800 654-6253 or 514 982-7555) is the tender agent.
Based in Toronto, CI is an asset and wealth management company operating primarily in Canada, the United States and Australia.
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