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CI Financial holders tender C$703.07 million of three series of notes
By Angela McDaniels
Tacoma, Wash., May 18 – CI Financial Corp. received tenders for C703,068,000 principal amount of debentures in three series, according to a company news release.
Holders tendered C$234,775,000 of the company’s C$301,433,000 principal amount of outstanding 3.215% debentures due 2024; C$370,762,000 principal amount of its C$450 million principal amount of 3.759% debentures due 2025; and C$97,531,000 principal amount of its C$250 million principal amount of 3.904% debentures due 2027.
The company expected to price the tender offers at 10 a.m. ET on May 19. After that, it will announce the final acceptance amount, the Canadian offer yield and the consideration for each series of debentures.
Pricing will be determined using the 2.5% Government of Canada bond due June 1, 2024 and a fixed spread of 45 basis points for the 3.125% debentures, the 2.25% Government of Canada bond due June 1, 2025 and a fixed spread of 84 bps for the 3.759% debentures and the 2.75% Government of Canada bond due Sept. 1, 2027 and a fixed spread of 190 bps for the 3.904% debentures.
The issuer will also pay accrued interest.
The company offered to purchase up to C$1 billion principal amount of the outstanding debentures.
The offers began May 11 and expired at 5 p.m. ET on May 18. Settlement is expected to be on May 24.
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.
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.
CI Financial is an asset and wealth management company based in Toronto.
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