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IBI Income greenshoe exercised, raising convertibles to C$46 million
New York, Sept. 30 - IBI Income Fund said the underwriters of its recent bought-deal sale of convertible unsecured subordinated debentures exercised the C$6 million over-allotment option in full, raising the size of the deal to C$46 million.
The company originally priced C$40 million of the securities on Sept. 15 to yield 7% with an initial conversion premium of 30%.
CIBC, National Bank Financial and TD Securities Inc. were the underwriters.
Proceeds will be used for debt repayment and for general corporate purposes.
Based in Toronto, IBI Income Fund holds an indirect 72% interest in IBI Group, a partnership which provides urban and transportation consulting services.
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