Scotiabank and CI Financial Corp. Complete $2.6 Billion Secondary Offering of Common Shares

Goodmans represented CI Financial Corp. (“CI”) (TSX: CIX) in connection with The Bank of Nova Scotia (“Scotiabank”) (TSX: BNS, NYSE: BNS) and CI’s completion of a secondary offering by Scotiabank of 72.0 million common shares of CI at a price of $31.60 per common share for gross proceeds to Scotiabank of $2,275,200,000. The underwriters exercised their over-allotment option in full, resulting in the purchase of an additional 10.8 million common shares at the offering price and increasing the gross proceeds received by Scotiabank to $2,616,480,000.

The offering was completed on a bought deal basis and was underwritten by a syndicate of underwriters, led by Scotia Capital Inc., RBC Capital Markets and GMP Securities L.P. 

CI is an independent, Canadian-owned wealth management company.