CI Financial Announces Debenture Financing to Refinance Existing Indebtedness [Yahoo! Finance]
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Source: Yahoo! Finance
TORONTO, September 18, 2024 BUSINESS WIRE )--CI Financial Corp. (TSX: CIX) (" CI Financial " or the " Corporation ") announced today that it has entered into an agreement to sell (the " Offering ") debentures with an aggregate principal amount of $325,000,000, carrying an interest rate of 6.00% payable semi-annually, and maturing on September 20, 2027 (the " Debentures "). The Debentures have a provisional rating of Baa3 (Stable) by Moody's. "We're pleased with the outcome. The offering was significantly oversubscribed and generated the highest level of demand we've received for any of our recent Canadian-only offerings, which resulted in a favourable coupon," said Kurt MacAlpine, CI Chief Executive Officer. "This transaction will reduce the balance on our credit facility and therefore be leverage neutral." The Offering is being made under CI Financial's previously filed base shelf prospectus dated November 18, 2022 (the " Shelf Prospectus ") and is being led by TD Securities Inc
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