CI Financial Corp. Announces Completion of Debt Tender Offers and Pre-IPO Minority Investment in Its U.S. Wealth Management Business
CI Financial Corp. ("CI") (TSX: CIX) today announced that it has repurchased $234,775,000 of its outstanding 3.215% Debentures due 2024, $370,762,000 of its outstanding 3.759% Debentures due 2025 and $97,531,000 of its outstanding 3.904% Debentures due 2027 pursuant to the terms of its previously announced offers to purchase.
CI has also closed its previously announced sale of a 20% minority investment in its U.S. wealth management business to a diversified group of leading institutional investors, including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Bain Capital, Flexpoint Ford, Ares Management funds, the State of Wisconsin, and others for approximately $1.34 billion (US$1.0 billion).
About CI Financial
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 worldclass portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI manages and advises on approximately C$394.9 billion in client assets (as at April 30, 2023).
CI operates in three segments:
CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit cifinancial.com.
CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI.
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