DBRS Finalizes Provisional Rating of CI Financial Corp’s New Senior Unsecured Debt at A (low), Stable

DBRS Limited (DBRS) has today finalized its provisional rating of A (low) with a Stable trend on CI Financial Corp’s (CIF) 2.645% Senior Unsecured Debentures due December 7, 2020. The rating on the new CIF debentures reflects the rating of CIF as the parent of CI Investments Inc. (CII), which is rated A (low), and the equalization of their ratings in the absence of structural subordination.

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on December 2, 2015. For further details on the provisional rating, please see the DBRS press release from that date entitled “DBRS Assigns Provisional Rating of A (low), Stable, to CI Financial Corp’s New Senior Unsecured Debt.”

The aggregate gross proceeds from the Debentures totalled $450 million. Proceeds from the issuance will be used to finance the redemption of $300 million 2016 CII Debentures, with the remaining proceeds to be used for general business purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are Rating Companies in the Asset Management Industry (January 2015) and Rating Holding Companies and Their Subsidiaries (January 2015), which can be found on our website under Methodologies.