Fiera Capital Corporation announces completion of previously announced $65 million bought deal public offering of 8.25% Senior Subordinated Unsecured Debentures
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MONTREAL, June 29, 2023 /CNW/ - Fiera Capital Corporation ("Fiera Capital" or the "Company") (TSX: FSZ) is pleased to announce that it has completed its previously announced bought deal public offering of $65 million aggregate principal amount of 8.25% senior subordinated unsecured debentures (the "Debentures") at a price of $1,000 per Debenture (the "Offering"). The Debentures bear interest at a rate of 8.25% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2023. The Debentures will mature on December 31, 2026. The Debentures will commence trading on the Toronto Stock Exchange under the symbol "FSZ.DB.B".
The net proceeds of this Offering will be used to partially fund the redemption of the Company's $110 million aggregate principal amount of 5.60% senior subordinated unsecured debentures due July 31, 2024 (the "2024 Debentures") that the Company intends to effect promptly after the closing of the Offering, and for general corporate purposes. The foregoing is not a redemption notice with respect to the 2024 Debentures. Any redemption of the 2024 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.
RBC Capital Markets, CIBC Capital Markets and Desjardins Capital Markets acted as joint-bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., Raymond James Ltd. and iA Private Wealth Inc. (collectively, the "Underwriters").
The Company has also granted the Underwriters an option to purchase up to an additional $9.75 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following the closing of the Offering.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This document may contain certain forward-looking statements. These statements relate to future events or future performance, and reflect management's expectations or beliefs regarding future events, including business and economic conditions and Fiera Capital's growth, results of operations, performance and business prospects and opportunities. In particular, this press release includes forward-looking statements relating to the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend" or the negative of these terms, or other comparable terminology.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement.
These risks include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital's interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with a growing global presence and approximately C$164.7 billion in assets under management as of March 31, 2023. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to Fiera Capital's mission of being at the forefront of the investment management science to foster sustainable prosperity for all our stakeholders. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR).
Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate and/or the relevant product is registered or authorized to provide services pursuant to an exemption from registration.
In the U.S., asset management services are provided by the Company's Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission ("SEC") or exempt from registration. Registration with the SEC does not imply a certain level of skill or training.
Additional information about Fiera Capital Corporation, including the Company's Annual Information Form, is available on SEDAR at www.sedar.com.
SOURCE Fiera Capital Corporation
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