CI Financial Income Fund today announced that it has completed the sale of 3.7 million trust units from treasury by way of two private placements.

The units were sold at a price of $28.67 each, and the proceeds are to be used to pay down debt. CI’s debt recently increased as a result of its acquisition of Rockwater Capital Corp. The issuance has increased CI’s total number of units outstanding to 286.3 million.

Out of the total issuance, 2.3 million trust units were sold to Sun Life Financial Inc. This brings Sun Life’s ownership of CI units to 104.6 million units or approximately 36.5%, which is the percentage ownership Sun Life had before the Rockwater acquisition.

The other 1.4 million trust units were sold to another financial institution.