Dirtt greenshoe lifts 0% convertibles due 2026 to C$40.25 million

By Taylor Fox

New York, Jan. 29 – The underwriters of Dirtt Environmental Solutions Ltd.’s recent offering of 0% convertible debentures due 2026 exercised their C$5.25 million over-allotment option in full, bringing the total issue size to C$40.25 million, according to an 8-K filing with the Securities and Exchange Commission.

Dirtt priced C$35 million of the five-year convertible debentures after the market close on Jan. 13 at par with a coupon of 0% and an initial conversion premium of 50%, as previously reported.

National Bank Financial Inc. led the syndicate of underwriters for the bought deal.

The debentures are non-callable until Jan. 31, 2024 and then subject to a 125% hurdle. They are freely callable after Jan. 31, 2025.

Proceeds will be used for capital expenditures and general corporate purposes, including the company’s technology innovation and sales and marketing.

Dirtt is a Calgary, Alta.-based customized interior building company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.