By Rebecca Melvin
New York, March 29 - Altus Group Ltd. priced C$48 million of five-year convertible debentures in a bought deal at par to yield 6.75% with an initial conversion premium of 42%, according to a news release.
The Regulation S offering was made via a syndicate of underwriters led by BMO Capital Markets.
The debentures will be convertible into Altus shares at a price of C$10 per share.
The debentures are non-callable until June 20, 2015 and then are provisionally callable subject to a 125% price hurdle.
Proceeds will be used to acquire the $52.2 million of outstanding convertible debentures issued to vendors of the company's Argus business, which was acquired in 2011. The debentures will be purchased for $46 million if closing occurs by May 1.
Newmarket, Ont.-based Altus provides real estate consulting and advisory services.
| Issuer: | Altus Group Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$48 million
|
| Maturity: | June 30, 2017
|
| Bookrunners: | Syndicate led by BMO Capital Markets
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Conversion premium: | 42%
|
| Conversion price: | C$10.00
|
| Calls: | Non-callable until June 30, 2015, then provisionally callable subject to a 125% price hurdle.
|
| Distribution: | Regulation S
|
| Pricing date: | March 29
|
| Settlement date: | April 19
|
| Stock symbol: | Toronto: AIF
|
| Stock price: | C$7.06 at close March 29
|
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