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CANACCORD GENUITY GROUP INC. COMPLETES $110 MILLION PRIVATE PLACEMENT OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES
CANACCORD GENUITY GROUP INC. COMPLETES $110 MILLION PRIVATE PLACEMENT OF CONVERTIBLE UNSECURED SE...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. COMPLETES $110 MILLION PRIVATE PLACEMENT OF CONVERTIBLE UNSECURED SENIOR SUBORDINATED DEBENTURES\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 /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR OVER\n \n UNITED STATES\n \n WIRE SERVICES/\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 18, 2024\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"\n \n Company\n \n \") is pleased to announce that, further to its news release dated\n \n March 7, 2024\n \n , the Company has completed its non-brokered private placement of convertible unsecured senior subordinated debentures (the \"\n \n Convertible Debentures\n \n \") to two institutional investors (the \"\n \n Investors\n \n \") for gross proceeds of\n \n $110,000,000\n \n (the \"\n \n Private Placement\n \n \").\n \n \n The Convertible Debentures 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 Convertible Debentures are 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 Convertible Debentures mature on\n \n March 15, 2029\n \n , and may be redeemed by the Company in certain circumstances, on or after\n \n March 15, 2027\n \n . The Convertible Debentures are not listed or posted for trading on any exchange. The Investors are bound by contractual restrictions that prevent the transfer of the Convertible Debentures without the Company's consent and that prevent a short sale or similar transaction with respect to the common shares of the Company.\n \n \n The Company used approximately\n \n $80 million\n \n of the proceeds from the Private Placement to provide an interest-bearing secured loan (the \"\n \n Loan\n \n \") to an independent, limited partnership to be owned by certain employees of the Company (the \"\n \n Partnership\n \n \"). The Partnership will be a long-term ownership vehicle for senior em...