By Wendy Van Sickle
Columbus, Ohio, Nov. 16 – Exchange Income Corp. will issue C$100 million of seven-year convertible subordinated debentures at par to yield 5.25% on a bought-deal basis with an initial conversion premium of 30%, according to a company news release.
National Bank Financial Inc. and CIBC Capital Markets co-led the syndicate of underwriters for the bought deal, which carries a greenshoe of C$15 million.
Proceeds will be used to fund the redemption of the company’s convertible notes due Dec. 31, 2022 and for general corporate purposes.
Exchange Income is a Winnipeg, Man.-based aerospace and aviation services and manufacturing company.
| Issuer: | Exchange Income Corp.
|
| Securities: | Convertible subordinated debentures
|
| Amount: | C$100 million
|
| Greenshoe: | C$15 million
|
| Maturity: | Jan. 15, 2029
|
| Bookrunners: | National Bank Financial Inc. and CIBC Capital Markets
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion premium: | 30%
|
| Conversion price: | C$60.00
|
| Conversion rate: | 16.6667
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 6
|
| Stock symbol: | TSX: EIF
|
| Stock price: | C$46.06 at close on Nov. 16
|
| Market capitalization: | C$1.746 billion
|
|
|
© 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.
