08:32 AM EDT, 03/18/2024 (MT Newswires) -- Canaccord Genuity Group Inc. ( CCORF ) said Monday that it completed its private placement of convertible unsecured senior subordinated debentures for $110.0 million in proceeds.

The convertible debentures bear interest at a rate of 7.75% per annum, payable semi-annually on the last day of June and December each year commencing June 30, 2024. They can be converted for $9.68 per share.

The company said the debentures mature on March 15, 2029, and may be redeemed on or after March 15, 2027.

Cannacord said it used about $80 million of the proceeds to provide an interest-bearing secured loan to an independent, limited partnership to be owned by certain employees of the company.

"The board of directors appreciates the significant support from key investors, underscoring their confidence in Canaccord Genuity's ( CCORF ) prospects and its strategy to unlock substantial value through a performance-driven partnership model," said Michael Auerbach, chair of Cannacord's corporate governance and compensation committee.

The company rose 3.2% last Friday.