CI Financial prices $500M junior subordinated notes at 7.625%
What's the deal? CI FinancialDealroom has a profile for this one. Try Dealroom → Holdings Ltd. has priced a private offering of US$500 million in 7.625% fixed-rate resettable junior subordinated notes due 2056. The UK-based holding company expects net proceeds of about US$495 million, with the offering set to close on July 23, 2026.
What's the endgame? CI intends to use the proceeds for general corporate purposes, which may include future acquisitions and repaying or repurchasing existing debt. Its operating subsidiaries include Toronto-based CI Financial Corp.Dealroom has a profile for this one. Try Dealroom → and Miami-based CorientDealroom has a profile for this one. Try Dealroom →, described as the world's largest multi-family office and non-bank wealth manager.
How the notes work: The notes carry a fixed 7.625% rate until July 23, 2031, then reset every five years at the five-year US treasury rate plus a 3.252% spread. CI may defer interest payments for up to five years per occasion, and the notes rank junior to the guaranteed indebtedness of subsidiary CI Financial Corp.
Who can buy? The notes were not registered under the US Securities Act and are being sold only to qualified institutional buyers under Rule 144A and to certain non-individual accredited investors outside the US under Regulation S.
The signal: The high coupon and deep subordination point to a company willing to pay up for flexible, long-dated capital — funding that keeps acquisition options open while managing its existing debt load.
Read more: finanznachrichten.de
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