/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TSX Symbol: CIX
TORONTO, Nov. 22, 2016 /CNW/ - CI Financial Corp. ("CI")
announced today that it has entered into an agreement to sell debt
securities with an aggregate principal amount of $200 million. The debt securities have a term of
five years and carry an interest rate of 2.775% payable
semi-annually.
The debentures have a provisional rating of A- by Standard &
Poor's and A (low) by DBRS.
The offering is being made under CI's previously filed shelf
prospectus dated December 21, 2015,
and is being led by CIBC Capital Markets. CI intends to use the net
proceeds of the offering to repay approximately $200 million of outstanding indebtedness under
CI's credit facility and for general corporate purposes.
The closing of the offering is scheduled for November 25, 2016 and is subject to certain
customary conditions.
The securities offered have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned
wealth management company with approximately $149 billion in fee-earning assets as of
October 31, 2016. CI's primary
operating businesses are CI Investments Inc., one of Canada's largest investment managers, advisory
businesses Assante Wealth Management and Stonegate Private Counsel,
and First Asset Capital Corp., a leader in providing actively
managed exchange-traded funds to the Canadian marketplace. CI is on
the Web at www.cifinancial.com.
This press release contains forward-looking statements with
respect to CI and the offering of its debt securities, including in
relation to the anticipated closing date and use of the net
proceeds of the offering. Although management believes that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties. Actual
results may differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, including interest
rates, business competition, changes in government regulations or
in tax laws, and other factors discussed in materials filed with
applicable securities regulatory authorities from time to
time.
SOURCE CI Financial Corp.