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CI Financial sets pricing under tender offers for three debentures
By Marisa Wong
Los Angeles, May 19 – CI Financial Corp. announced final pricing of its tender offers for up to C$1 billion principal amount of debentures from three series, according to a Friday press release.
The company had received tenders for C$703,068,000 principal amount of debentures total, according to a Thursday announcement. The company confirmed on Friday that it will accept all of the tendered notes for purchase.
The final acceptance amounts and pricing per C$1,000 principal amount for the three series are as follows:
• C$234,775,000 of the C$301,433,000 outstanding 3.215% debentures due 2024 (Cusip: 125491AL4) at a consideration of C$980.13, based on the 2.5% Government of Canada bond due June 1, 2024 and a fixed spread of 45 basis points;
• C$370,762,000 of the C$450 million outstanding 3.759% debentures due 2025 (Cusip: 125491AJ9) at a consideration of C$979.72, based on the 2.25% Government of Canada bond due June 1, 2025 and a fixed spread of 84 bps; and
• C$97,531,000 of the C$250 million outstanding 3.904% debentures due 2027 (Cusip: 125491AG5) at a consideration of C$944.12, based on the 2.75% Government of Canada bond due Sept. 1, 2027 and a fixed spread of 190 bps.
Pricing was determined at 10 a.m. ET on May 19.
The issuer will also pay accrued interest.
The offers began May 11 and expired at 5 p.m. ET on May 18. Settlement is expected to be on May 24.
After settlement, C$66,658,000 of the 2024 debentures, C$79,238,000 of the 2025 debentures and C$152,469,000 of the 2027 debentures will remain outstanding.
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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