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CANACCORD GENUITY GROUP INC. ANNOUNCES AGREEMENT TO ISSUE $110 MILLION OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES BY WAY OF PRIVATE PLACEMENT
CANACCORD GENUITY GROUP INC. ANNOUNCES AGREEMENT TO ISSUE $110 MILLION OF CONVERTIBLE UNSECURED S...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. ANNOUNCES AGREEMENT TO ISSUE $110 MILLION OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES BY WAY OF PRIVATE PLACEMENT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Creation of an independently governed, employee-owned limited partnership with meaningful share ownership aligning long-term interests with the Company and its shareholders.\n \n \n \n \n Employee-owned limited partnership buying approximately 10 million shares (9.7%) of the Company.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 7, 2024\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") is pleased to announce that it has entered into a binding agreement to issue convertible unsecured senior subordinated debentures (the \"Debentures\") by way of non-brokered private placement to two institutional investors (\"Investors\") for gross proceeds of\n \n $110 million\n \n (the \"Private Placement\").  The closing of the Private Placement is expected to occur on or about\n \n March 15, 2024\n \n .\n \n \n The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually on the last day of June and December each year commencing\n \n June 30, 2024\n \n . The Debentures will be convertible at the holder's option into common shares of the Company, at a conversion price of\n \n $9.68\n \n per common share. The Debentures will mature five years from the date of issue (\"Issue Date\") and may be redeemed by the Company in certain circumstances, on or after the third anniversary of the Issue Date.\n \n \n The Company will use approximately\n \n $80 million\n \n of the proceeds from the Private Placement to provide an interest-bearing loan to an independent, limited partnership to be owned by certain employees of the Company (the \"Partnership\"). The Partnership will be a long-term ownership vehicle for senior employees of the Company and will use the loan proceeds to acquire approximately 9.9 million outstanding common shares of the Company (represe...