04:48 PM EDT, 05/22/2024 (MT Newswires) -- CI Financial ( CIXXF ) after trade Wednesday announced that it has successfully priced a private offering of US$675.0 million aggregate principal amount of its 7.500% notes due 2029.

A statement noted the Offering is expected to close on May 30, 2024, subject to satisfaction of customary closing conditions.

The wealth and asset-management company said it intends to use approximately US$645.0 million of the net proceeds from the Offering to finance the repurchase of any and all of its outstanding 4.100% Notes due 2051 in connection with the company's concurrent cash tender offer to purchase any and all of the 2051 Notes, and to pay related transaction fees and expenses, including up to an estimated US$40.0 million of potential cash tax expense payable in connection with the early retirement of the 2051 Notes, assuming the tender of all outstanding 2051 Notes in the Tender Offer.

CI added it intends to use the remaining proceeds from the offering for general corporate purposes, which may include repurchases and/or repayments of certain of its other existing indebtedness and potential future repurchases of its common shares. To the extent that the 2051 Notes are not purchased in the Tender Offer, CI intends to use the portion of the net proceeds intended to be used to retire 2051 Notes solely for other repurchases and/or repayments of its existing indebtedness.

CI Financial ( CIXXF ) shares closed down $0.02 to $14.70 on the Toronto Stock Exchange