Ag Growth plans to call 5% convertibles due 2020 via new issue

By Wendy Van Sickle

Columbus, Ohio, Oct. 30 – Ag Growth International Inc. plans to issue a redemption notice for its 5% convertible unsecured subordinated debentures due Dec. 31, 2020.

Ag Growth plans to price C$75 million principal amount of 5.25% senior subordinated unsecured debentures due Dec. 31, 2024 in a bought deal with an C$11.25 million greenshoe and to use proceeds of that offering to repay a portion of its revolving bank debt, which will be redrawn to fund the redemption, according to a news release.

Proceeds of the new issue will also be used for general corporate purposes.

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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