CI Financial Corp. announces private note offering price of US$675.0 million

TORONTO, May 22, 2024–(BUSINESS WIRE)–CI Financial Corp. (“CI” or the “Company”) (TSX: CIX) announced today that it has successfully priced a private offering (the “Offering”) of $675.0 million aggregate principal amount of its 7.500% notes. due in 2029 (the “Notes”).

The Offering is expected to close on May 30, 2024, subject to satisfaction of customary closing conditions.

CI intends to use approximately $645.0 million of the net proceeds of the Offering to finance the repurchase of any and all of its outstanding 4.100% Notes due 2051 (the “2051 Notes”) in connection with the concurrent offering in cash from the Company to purchase any and all 2051 Notes (the “Tender Offer”), and pay related transaction fees and expenses, including up to approximately $40.0 million of potential cash tax expenses payable in connection with the early withdrawal of the 2051 Notes, assuming the tender of all 2051 Notes in circulation in the Tender Offer. CI intends to use the remaining proceeds from the Offering for general corporate purposes, which may include repurchases and/or repayments of certain of its other existing debt and potential future repurchases of its common stock. To the extent the 2051 Notes are not acquired in the Tender Offer, CI intends to use the portion of the net proceeds intended to be used to redeem the 2051 Notes exclusively for further repurchases and/or repayments of its existing debt.

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction, including Canada, and do not may be offered or sold in the United States or Canada without registration or an applicable exemption from such registration requirements. The Notes will be offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act and outside the United States, including on a private placement basis in Canada to certain “accredited investors ” who are not natural persons and are “authorized customers” under applicable Canadian securities laws in reliance on the exemption from registration set forth in Regulation S under the Securities Act.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. This press release does not constitute an offer to buy or the solicitation of an offer to sell any 2051 Notes in the Tender Offer.

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About CI Financial Corp.

CI is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, broad capabilities in all aspects of wealth planning and a comprehensive suite of products. CI manages, advises and administers approximately $467.9 billion in client assets (as of April 30, 2024).

CI operates in three segments:

• Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM, which operates in Australia.

• 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.

• US Wealth Management, which includes Cororient Private Wealth, an integrated wealth management firm that provides comprehensive solutions to ultra-high and high net worth clients in the United States.

CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX).

Forward-looking statements

This press release contains forward-looking statements regarding anticipated future events, results, circumstances, performance or expectations regarding CI and its products and services, including its business operations, strategy and performance and financial condition. Forward-looking statements are typically identified by words such as “believe”, “expect”, “anticipate”, “predict”, “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 rather represent management’s 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 regarding the expected closing date of the Offer, the intended use of proceeds from the Offer and the Tender Offer.

Although management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties. The material factors and assumptions applied to reach 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. Except as specifically required by applicable law, CI undertakes no obligation to update or amend any forward-looking statement after the date it is made, whether to reflect new information, future events or otherwise.

View the original version on businesswire.com: https://www.businesswire.com/news/home/20240522218683/en/

Contacts

relationship with investors
Jason Weyeneth, CFA
Vice President, Investor Relations and Strategy
416-681-8779
jweyeneth@ci.com

Media relations
Canada
Murray Oxby
Vice President, Corporate Communications
416-681-3254
moxby@ci.com

U.S
Jimmy Moock
Managing Partner, StreetCred
610-304-4570
jimmy@streetcredpr.com
ci@streetcredpr.com

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