By Rebecca Melvin
New York, April 2 - Liquor Stores NA Ltd. priced C$67.5 million of six-year subordinated unsecured convertible debentures at par in a bought deal to yield 5.85% with an initial conversion premium of 40%, according to a news release.
The Rule 144A offering was bought by a syndicate of underwriters led by RBC Capital Markets.
The debentures will mature April 30, 2018 and are initially convertible at a price of C$24.90.
The bonds are non-callable until April 30, 2015 and then are provisionally callable at a price hurdle of 125% until April 30, 2017. After that, the debentures are freely callable.
Proceeds will be used to redeem Liquor Stores' outstanding 6.75% convertible debentures due Dec. 31, 2012 and for general corporate purposes.
The new debentures were distributed under a short-form prospectus in all the provinces of Canada. It is expected to close, subject to regulatory approvals, by April 23.
Liquor Stores NA is an operator of liquor stores and is based in Edmonton, Alta.
| Issuer: | Liquor Stores NA Ltd.
|
| Issue: | Subordinated unsecured convertible debentures
|
| Amount: | C$67.5 million
|
| Maturity: | April 30, 2018
|
| Underwriter: | Syndicate led by RBC Capital Markets
|
| Coupon: | 5.85%
|
| Price: | Par, C$1,000
|
| Yield: | 5.85%
|
| Conversion premium: | 40%
|
| Conversion price: | C$24.90
|
| Calls: | Non-callable until April 30, 2015, then provisionally callable at a price hurdle of 125% until April 30, 2017
|
| Pricing date: | April 2
|
| Settlement date: | April 23
|
| Stock symbol: | Toronto: LIQ
|
| Stock reference price: | C$17.83 at close April 23
|
| Market capitalization: | C$404.47 million
|
© 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.
