17:25:56 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 111,747,563
Close 2016-09-21 C$ 4.64
Market Cap C$ 518,508,692
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Canaccord Genuity arranges $60M debenture financing

2016-09-21 16:02 ET - News Release

Mr. Dan Daviau reports

CANACCORD GENUITY GROUP INC. ANNOUNCES $60 MILLION PRIVATE PLACEMENT OF 6.50% CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES

Canaccord Genuity Group Inc. has entered a private placement agreement with a large Canadian asset manager, pursuant to which it has agreed to purchase convertible unsecured debentures of Canaccord Genuity Group in an aggregate principal amount of $60-million. The debentures will be placed at a price of $1,000 per debenture.

The debentures will bear interest at a rate of 6.5 per cent per annum, payable semi-annually on the last day of June and December each year, commencing Dec. 31, 2016, with a maturity date of Dec. 31, 2021. The debentures will be convertible at the holder's option into Canaccord Genuity Group common shares at a conversion price of $6.50 per share. The debentures will mature on Dec. 31, 2021, and may be redeemed by Canaccord Genuity Group in certain circumstances on or after Dec. 31, 2019.

The company intends to use the net proceeds to finance growth in its wealth management business in Canada through the recruitment of investment advisers and for general corporate purposes. As a leading independent global capital markets and wealth management firm, the company continues to attract established investment advisers to its platform, and enjoys a unique opportunity to deliver on its stated corporate objective of growing assets under management to both increase and enhance the stability of its earnings.

"The proceeds from this placement will directly support our growth plans for our Canadian wealth management business, and creates an opportunity to recruit investment advisers, increase assets under management and improve the profitability of that business," said Dan Daviau, president and chief executive officer of Canaccord Genuity Group.

Closing is subject to regulatory approval, including approval of the Toronto Stock Exchange and of securities regulatory authorities, including the Investment Industry Regulatory Organization of Canada, the Financial Conduct Authority, and the securities regulators in each of the Channel Islands and the Isle of Man, in relation to the rules concerning the issue of subordinated debt or the acquisition of significant equity interests or control, as defined in the applicable rules and legislation, of subsidiaries of the company.

We seek Safe Harbor.

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