By Cristal Cody
Prospect News, Dec. 6 - IGM Financial Inc. sold an upsized C$200 million 6% 30-year unsecured debentures at 99.737 to yield 6.019%, a source said Monday.
The Canadian financial services company sold the debentures due Dec. 10, 2040 at 240 basis points over the Canadian government benchmark bond. The deal was upsized from C$150 million and priced in line with guidance of 240 bps.
BMO Capital Markets Corp. and RBC Capital Markets Corp. were the lead managers.
CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Casgrain & Co. Ltd. and HSBC Securities (Canada) Inc. were the co-managers.
The Winnipeg, Man.-based company manages more than $124 billion in mutual funds and other managed assets through three subsidiaries, Investors Group Inc., Mackenzie Financial Corp. and Investment Planning Counsel.
Proceeds will be used to supplement the company's financial resources and for general corporate purposes.
| Issuer: | IGM Financial Inc.
|
| Amount: | C$200 million, increased from C$150 million
|
| Maturity: | Dec. 10, 2040
|
| Securities: | Unsecured debentures
|
| Bookrunners: | BMO Capital Markets Corp., RBC Capital Markets Corp.
|
| Co-managers: | CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Casgrain & Co. Ltd., HSBC Securities (Canada) Inc.
|
| Coupon: | 6%
|
| Price: | 99.737
|
| Yield: | 6.019%
|
| Spread: | 240 bps over Canadian government benchmark
|
| Call feature: | 60 bps over Canadian government benchmark
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 9
|
| Distribution: | Canada
|
| Price talk: | 240 bps over Canadian government benchmark
|
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