CI Financial Corp. Announces Cash Tender Offer for Any and All of its Outstanding 4.100% Notes Due 2051
Title of Security |
CUSIP / ISIN Numbers |
Principal Amount Outstanding |
UST Reference Security |
Bloomberg Reference Page(1) |
Fixed Spread (basis points)(2) |
|||||
4.100% Notes due 2051 |
|
125491 AP5 / US125491AP51 |
|
|
|
4.25% UST due |
|
FIT1 |
|
+245 |
(1) |
The Bloomberg Reference Page is provided for convenience only. To the extent any Bloomberg Reference Page changes prior to the Price Determination Date, the Dealer Managers will quote the Reference Treasury Security from the updated Bloomberg Reference Page. |
|
(2) |
Includes the Early Tender Premium of |
The full terms and conditions of the Tender Offer are described in an Offer to Purchase dated
Subject to applicable law, the Company may waive any and all of these conditions or extend, terminate or withdraw the Tender Offer, including on or after the Price Determination Date. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered.
The Tender Offer will expire at
The applicable Total Tender Offer Consideration for each
In addition to the applicable Total Tender Offer Consideration or applicable Late Tender Offer Consideration, as the case may be, accrued and unpaid interest up to, but not including, the applicable Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase in the Tender Offer. The purchase price plus accrued and unpaid interest for Notes that are validly tendered and not validly withdrawn on or before the Early Tender Deadline and accepted for purchase will be paid by the Company in same day funds promptly following the Early Tender Deadline (the “Early Settlement Date”). The Company expects that the Early Settlement Date will be
From time to time, the Company may purchase additional Notes in the open market, in privately negotiated transactions, through tender offers or otherwise, or may redeem Notes pursuant to the terms of the indenture governing the Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offer. Any future purchases by the Company will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company may choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes that remain outstanding after the consummation or termination of the Tender Offer.
Notwithstanding any other provision of the Tender Offer, the Company’s obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn, if applicable, pursuant to the Tender Offer is subject to the satisfaction or waiver of certain conditions specified in the Offer to Purchase, which conditions may be waived by the Company in its sole discretion, subject to applicable law.
This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. In addition, statements in this news release regarding the Concurrent Notes Offering shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the Concurrent Notes Offering. The Tender Offer is made only by the Offer to Purchase and the information in this news release is qualified by reference to the Offer to Purchase dated
None of the Company, the Company’s board of directors, the Dealer Managers, the Tender Agent and Information Agent or the trustees with respect to the Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.
About
CI is a diversified global asset and wealth management company operating primarily in
CI operates in three segments:
-
Asset Management, which includes CI Global Asset Management, which operates in
Canada , andGSFM , which operates inAustralia . -
Canadian Wealth Management, which includes the operations of CI Assante Wealth Management,
Aligned Capital Partners , CI Private Wealth, Northwood Family Office,Coriel Capital ,CI Direct Investing and CI Investment Services . -
U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients acrossthe United States .
CI is headquartered in
Forward-Looking Statements
This press release contains forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to 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”. These 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. In particular, these statements include, without limitation, statements about the expected timing of the Tender Offer and the terms and conditions of the Tender Offer, including the Company’s concurrent notes offering.
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 the forward-looking statements include that asset levels will remain stable. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240520952583/en/
Investor Relations
Vice-President, Investor Relations & Strategy
416-681-8779
jweyeneth@ci.com
Media Relations
Vice-President, Corporate Communications
416-681-3254
moxby@ci.com
Managing Partner, StreetCred
610-304-4570
jimmy@streetcredpr.com
ci@streetcredpr.com
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