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Ag Growth greenshoe lifts 5.25% convertibles deal to C$51.75 million
By Susanna Moon
Chicago, Dec. 3 – Ag Growth International Inc. said underwriters fully exercised the C$6.75 million over-allotment option on its convertible unsecured debentures due April 30, 2015, bringing the total deal size to C$51.75 million.
As previously announced, the company priced C$45 million of convertible unsecured debentures due April 30, 2015 on Dec. 1.
The convertibles are extendible for five years upon closing of the company’s previously announced acquisition of Vicwest’s Westeel division.
The convertibles were priced to yield 5.25%, with a 41% initial conversion premium.
Ag Growth also priced $45 million of subscription receipts at C$46.55 per receipt, and underwriters also fully exercised their over-allotment option for another 145,050 subscription receipts.
The issue was made on a bought-deal basis via a syndicate of underwriters led by TD Securities Inc., and including National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc., Cormark Securities Inc., AltaCorp Capital Inc., Laurentian Bank Securities Inc. and Paradign Capital Inc.
Upon closing of the C$210 million Vicwest acquisition, holders of subscription receipts have the right to receive one common share of AGI plus any dividend declared.
The new debentures, which mature Dec. 31, 2019, will be convertible at a price of C$65.57 per share.
The subscription receipts are listed for trading on the Toronto Stock Exchange under the symbol AFN.R. The debentures are listed for trading on the Toronto stock exchange under the symbol AFN.DB.B.
Based in Winnipeg, Man., Ag Growth is a maker of portable and stationary grain handling, storage and conditioning equipment, including augers and belt conveyors.
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