Fiera Capital has completed a $100-million debenture refinancing with Fonds de solidarité FTQ.

The company issued a new senior subordinated unsecured debenture in the principal amount of $100 million, replacing an existing 6% debenture of the same value that had been set to mature on June 30, 2027. The new debenture was issued at par and matures on April 30, 2031.

The debenture carries an interest rate of 7.4% per annum, payable semi-annually in arrears. It is redeemable, in whole or in part, at Fiera Capital’s option before April 30, 2030, at a price equal to the principal plus accrued and unpaid interest and a premium, and at par plus accrued and unpaid interest on or after that date.

Fiera Capital may repay the principal or interest through the issuance of freely tradeable Class A subordinate voting shares. However, the debenture is not convertible into shares at the holder’s option. It ranks pari passu with the company’s 7.75% senior subordinated unsecured debentures due June 30, 2030.

“We are pleased to refinance our debenture with Fonds de solidarité FTQ, a valued long-term partner,” said Lucas Pontillo, executive-director, global CFO and head of corporate strategy at Fiera Capital. “This refinancing is aligned with our objective of maintaining a prudent and flexible capital structure. It strengthens our ability to execute on our priorities while continuing to position Fiera Capital for long-term, sustainable value creation.”

Fiera Capital is a Montreal-based independent asset management firm with a global presence, offering investment solutions across public and private markets.

Focused on boosting Quebec economic development, the Fonds supports thousands of companies through direct and indirect venture and growth investment, seeking to generate financial and social impacts. Then pension-fund manager has approximately $23 billion in net assets.

Pictured: Future VAIA apartment complex in Laval, Que., on which the Fonds’ real estate arm and Dév Méta are partnering

Rendering: CNW Group/Fonds immobilier de solidarite FTQ