CI Financial Holdings Ltd. Prices Private Offering of U.S. Dollar Junior Subordinated Notes
CI Financial Holdings Ltd. (“CI” or the “Company”) today announced that it has successfully priced its private offering (the “Offering”) of US$500million aggregate principal amount of its 7.625% fixed-rate resettable junior subordinated notes due 2056 (the “Notes”). The Offering is expected to close on July 23, 2026, subject to satisfaction of customary closing conditions. The Notes will rank junior and be subordinated to the senior unsecured guarantees of the indebtedness of the Company’s subsidiary, CI Financial Corp.
The Notes will bear interest at a fixed rate of 7.625% per year until July 23, 2031. On and after such date, the interest rate on the Notes will reset every five years, with the interest rate for each reset period equal to the five-year U.S. treasury rate plus a spread of 3.252%. Subject to certain conditions, CI will be permitted to defer payment of interest on the Notes for up to five years per occasion.
CI expects to receive net proceeds of approximately US$495 million in connection with the Offering. CI intends to use the net proceeds from the Offering for general corporate purposes, which may include future acquisitions and repurchases and/or repayments of its other existing indebtedness.
