Ag Growth greenshoe exercised, lifts 7% convertibles to C$115 million

By Marisa Wong

Milwaukee, Nov. 6 - Ag Growth International Inc. announced that the underwriters of its offering of 7% convertible unsecured subordinated debentures due Dec. 31, 2014 exercised the C$15 million over-allotment option in full, increasing the size of the offering to C$115 million.

Ag Growth priced C$100 million of the five-year convertibles on Oct. 5 to yield 7% with an initial conversion premium of 37.5%.

The Regulation S issue was made via a syndicate of underwriters led by TD Securities Inc. The syndicate also included CIBC World Markets Inc., National Bank Financial Inc., Cormark Securities Inc., Wellington West Capital Markets Inc., Genuity Capital Markets and Macquarie Capital Markets Canada Ltd.

Net proceeds will be used for general corporate purposes.

Ag Growth is a manufacturer of portable and stationary grain handling, storage and conditioning equipment based in Winnipeg, Man.

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