06:32 AM EDT, 09/04/2024 (MT Newswires) -- CGI (TSX: GIB.A and NYSE: GIB) overnight Tuesday priced an offering of Canadian dollar denominated senior unsecured notes in two series.

CGI said it will issue C$750 million in aggregate principal amount of senior unsecured notes, consisting of C$300 million aggregate principal amount of 3-year notes and C$450 million aggregate principal amount of 5-year notes. A statement noted the 3-year notes will bear interest at the rate of 3.987% per annum and 5-year notes will bear interest at the rate of 4.147% per annum. The offering is expected to close on or about September 5, 2024 , subject to customary closing conditions.

CGI's statement noted the net proceeds from the offering are expected to be approximately C$746.1 million after deducting the agents' fees and estimated offering expenses. CGI added it intends to use the aggregate net proceeds from the offering to repay existing indebtedness and for general corporate purposes. The existing indebtedness includes senior unsecured notes maturing on September 12, 2024, in an amount of US$350 million.