05:49 AM EDT, 09/18/2024 (MT Newswires) -- CI Financial ( CIXXF ) late on Tuesday said it agreed to sell debentures amounting to $325 million with an interest rate of 6%.

The debentures, which will pay interest semi-annually, are scheduled to mature on Sept. 20, 2027.

"The offering was significantly oversubscribed and generated the highest level of demand we've received for any of our recent Canadian-only offerings, which resulted in a favorable coupon," said CI CEO Kurt MacAlpine.

Net proceeds from the sale will be used to refinance debt and for general corporate purposes.

The offering is scheduled to close on Sept. 20 and is subject to certain customary conditions.