be the case, as CGI hopes to double its size through a mix of growth and acquisitions, particularly in the United States, the United Kingdom and Germany. Joining a video interview with BNN Bloomberg last week, the company’s CFO Francois Boulanger revealed that sold its first public bonds this month, refinancing its debt by borrowing in US and Canadian dollars. “We wanted to have another tool in our tool set,” he said. “We have pretty large acquisitions that we are targeting in the future.”
According to Boulanger, with Euros accounting for a substantial portion of the cash generated by CGI, the company may consider fuelling its acquisitions by borrowing in euros and selling sustainable bonds, adding that borrowing in the currency would be a “natural development”.
Earlier this month, the IT consultant five- and 10-year US dollar denominated bonds totalling US$1 billion, while another $600 million CA$600 million (US$474 million) through the sale of 7-year bonds in its home bond market. According to the company’s CFO, these earning were used to repay bank loans that were obtained at the start of the pandemic and to refinance some privately placed US dollar securities.
