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Canaccord Genuity Group Inc. Announces $115 Million Treasury Offering of Convertible Unsecured Senior Subordinated Debentures
Canaccord Genuity Group Inc. Announces $115 Million Treasury Offering of Convertible Unsec...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n\n\n\nCanaccord Genuity Group Inc. Announces $115 Million Treasury Offering of Convertible Unsecured Senior Subordinated Debentures\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\nCanada NewsWire\nTORONTO, Aug. 1, 2018\n\n\n\nProceeds to be used to fund continued growth in its wealth management businesses in Canada and the UK & Europe, redeem its current convertible debentures and for general corporate purposes \n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\n\n\nTORONTO, Aug. 1, 2018 /CNW/ - Canaccord Genuity Group Inc. (TSX:CF, \"the Company\") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp., Cormark Securities Inc., and TD Securities Inc. as co-lead underwriters and joint bookrunners on behalf of a syndicate of underwriters (collectively, the \"Underwriters\"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 41,500 convertible unsecured senior subordinated debentures (the \"Initial Debentures\"), at a price of $1,000 per Initial Debenture (the \"Issue Price\"), for gross proceeds of $41.5 million (the \"Offering\"). The Company is also entering into a concurrent non-brokered private placement agreement with a large Canadian asset manager, pursuant to which it has agreed to purchase 73,500 convertible unsecured senior subordinated debentures (the \"Private Placement Debentures\") for gross proceeds of $73.5 million, which together with the gross proceeds from the Initial Debentures, represent an aggregate principal amount of $115 million.\n\n\"The net proceeds from this Offering and concurrent non-brokered private placement will support our continued growth plans for our wealth management businesses in Canada and the UK & Europe as we continue to recruit Investment Advisors and Professionals, increase assets under management and further strengthen the long-term stability and profitability of our business,\" said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. \"Given the increase to conversion p...