ACE Aviation greenshoe exercised, raising convertibles to C$330 million

By Caroline Salls

Pittsburgh, April 11 - ACE Aviation Holdings Inc. said the underwriters of its recent offering of 4.25% convertible senior notes due 2035 exercised the C$30 million over-allotment option in full, raising the size of the deal to C$330 million.

The Montreal-based parent of Air Canada originally priced C$300 million of the securities after the close on March 29 to yield 4.25% with a 30% initial conversion premium.

RBC, Merrill Lynch and BMO Nesbitt Burns were the bookrunners for the Rule 144A deal.

The proceeds will be used for general corporate purposes.

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