CI Financial Completes $550M Debenture Offering

On December 16, 2009, CI Financial Corp. completed a public offering of debentures with an aggregate principal amount of $550 million under its previously filed shelf prospectus dated December 10, 2009. The offering consisted of $100-million principal amount of two-year floating rate debentures due December 16, 2011; $250-million principal amount of three-year 3.30 per cent debentures due December 17, 2012; and $200-million principal amount of five-year 4.19 per cent debentures due December 16, 2014. The debentures have been rated BBB+ by Standard & Poor's and A (low) by DBRS.

The offering was led by Scotia Capital Inc. and the group of agents also included CIBC World Markets Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Blackmont Capital Inc., Dundee Securities Corporation and GMP Securities L.P.

The net proceeds from the offering of the debentures, together with amounts drawn on CI's new credit facility, were used to repay in full amounts owing under CI's existing credit facility on December 16, 2009.

CI Financial Corp. was represented by Sheila Murray, Executive Vice-President and General Counsel and Vas Pivrnec, Legal Counsel, and by Blake, Cassels & Graydon LLP with a team that included Brendan Reay, John Wilkin, Cynthia Sargeant and Amanda Lazier (corporate/securities); Tim Theroux (financial services); and Chris Van Loan (tax).

Torys LLP represented the agents with a team that included Philip Mohtadi and A.J. Silber (corporate/securities) and Catrina Card (tax).