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Canaccord Genuity Group Inc. Announces $60 Million Private Placement of 6.50% Convertible Unsecured Senior Subordinated Debentures
Canaccord Genuity Group Inc. Announces $60 Million Private Placement of 6.50% Convertible ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n\n\n\nCanaccord Genuity Group Inc. Announces $60 Million Private Placement of 6.50% 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\nCanaccord Genuity Group Inc. Announces $60 Million Private Placement of 6.50% Convertible Unsecured Senior Subordinated Debentures\nCanada NewsWire\nTORONTO, Sept. 21, 2016\n\n\n\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\nProceeds to be used to fund growth in Wealth Management business in Canada \n\n\n\nTORONTO, Sept. 21, 2016 /CNW/ - Canaccord Genuity Group Inc. (TSX:CF, the Company\") is pleased to announce that it has entered a private placement agreement with a large Canadian asset manager, pursuant to which it has agreed to purchase convertible unsecured debentures of Canaccord Genuity Group Inc. in an aggregate principal amount of $60 million. The debentures will be placed at a price of $1,000 per debenture. \n\nThe debentures will bear interest at a rate of 6.50% per annum, payable semi-annually on the last day of June and December each year commencing December 31, 2016 with a maturity date of December 31, 2021. The debentures will be convertible at the holder's option into Canaccord Genuity Group Inc. common shares at a conversion price of $6.50 per share. The debentures will mature on December 31, 2021 and may be redeemed by Canaccord Genuity Group Inc., in certain circumstances, on or after December 31, 2019.\n\nThe Company intends to use the net proceeds to finance growth in its wealth management business in Canada through the recruitment of Investment Advisors and for general corporate purposes. As a leading independent global capital markets and wealth management firm, the Company continues to attract established Investment Advisors to its platform and enjoys a unique opportunity to deliver on its stated corporate objective of growing assets under management to both increase and enhance the stability of its earnings.\n\n\"The proceeds from this placement will directly support our growth plan...