CI Financial Announces Early Redemption of Debentures due November 2021
December 18 2020 - 6:00AM
Business Wire
CI Financial Corp. (“CI”) (TSX: CIX; NYSE: CIXX) today announced
its intention to redeem all of the outstanding $200 million
principal amount of 2.775% debentures due November 25, 2021 (“2021
Debentures”). The 2021 Debentures were issued November 25,
2016.
CI intends to redeem the 2021 Debentures on or about January 18,
2021 (the “Redemption Date”) in accordance with their terms. The
redemption price will be the greater of (i) the 2021 Canada Yield
Price as defined in the supplemental trust indenture under which
the 2021 Debentures were issued, and (ii) par, together with
accrued and unpaid interest up to but excluding the Redemption
Date. Notice of redemption of the 2021 Debentures will be given to
CDS Clearing and Depository Services Inc. (“CDS”) and Computershare
Trust Company of Canada later today.
“We continue to prudently manage our debt,” said Kurt MacAlpine,
CI Chief Executive Officer. “The early redemption will save on
interest expense and is part of our commitment to reduce CI’s
leverage over time.”
Beneficial holders of 2021 Debentures (held through an account
with a bank, brokerage firm, financial institution or other
intermediary) that maintain their interests through CDS should
contact their CDS customer service representative with any
questions about the redemption. Alternatively, beneficial holders
with any questions about the redemption should contact their
respective bank, brokerage firm, financial institution or other
intermediary which holds interests in the 2021 Debentures on their
behalf.
About CI Financial
CI Financial Corp. is an independent company offering global
asset management and wealth management advisory services. CI
manages and advises on approximately $216 billion in client assets
(as at November 30, 2020). CI’s primary asset management businesses
are CI Global Asset Management (CI Investments Inc.) and GSFM Pty
Ltd., and it operates in wealth management through Assante Wealth
Management (Canada) Ltd., CI Private Counsel LP, Aligned Capital
Partners Inc., CI Direct Investing (WealthBar Financial Services
Inc.), CI Investment Services Inc., Balasa Dinverno Foltz LLC,
Bowling Portfolio Management LLC, The Cabana Group, LLC, Congress
Wealth Management, LLC, One Capital Management, LLC and Surevest
LLC. CI is listed on the Toronto Stock Exchange under CIX and on
the New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
All figures in Canadian dollars.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. Forward-looking statements in
this press release include statements about the intention to early
redeem the 2021 Debentures, including timing and price . These
statements and other forward-looking statements are not historical
facts but instead represent management beliefs regarding future
events, many of which by their nature are inherently uncertain and
beyond management’s control. Although management believes that the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, such statements involve risks and
uncertainties. The material factors and assumptions applied in
reaching the conclusions contained in these forward-looking
statements include that the investment fund industry will remain
stable and that interest rates will remain relatively stable.
Factors that could cause actual results to differ materially from
expectations include, among other things, general economic and
market conditions, including interest and foreign exchange rates,
global financial markets, changes in government regulations or in
tax laws, industry competition, technological developments and
other factors described or discussed in CI’s disclosure materials
filed with applicable securities regulatory authorities from time
to time. The foregoing list is not exhaustive and the reader is
cautioned to consider these and other factors carefully and not to
place undue reliance on forward-looking statements. Other than as
specifically required by applicable law, CI undertakes no
obligation to update or alter any forward-looking statement after
the date on which it is made, whether to reflect new information,
future events or otherwise.
CI Global Asset Management is a registered business name of CI
Investments Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20201218005151/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Trevor Davis, Gregory FCA for CI Financial
610-415-1145 cifinancial@gregoryfca.com
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