By Susanna Moon
Chicago, July 10 - North American Palladium Ltd. arranged to issue C$43 million of 6.15% convertible subordinated debentures due Sept. 30, 2017 with a 30-day over-allotment option for another 15%.
The conversion price is C$2.90 per share, which is a 34.88% premium to the company's closing share price on July 9.
The syndicate of underwriters is co-led by Scotia Capital Inc. and Raymond James Ltd.
Proceeds will be used for the company's mine expansion expenditures at its Lac des Iles palladium mine and for general corporate purposes.
Settlement is slated for July 31.
Toronto-based North American Palladium is a platinum group metals exploration company.
| Issuer: | North American Palladium Ltd.
|
| Issue: | Convertible subordinated debentures
|
| Amount: | C$43 million
|
| Greenshoe: | C$6.45 million
|
| Maturity: | Sept. 30, 2017
|
| Coupon: | 6.15%
|
| Price: | Par for underwriters
|
| Conversion price: | C$2.90
|
| Underwriters: | Scotia Capital Inc. and Raymond James Ltd. (co-lead)
|
| Pricing date: | July 10
|
| Settlement date: | July 31
|
| Stock symbol: | Toronto: PDL
|
| Stock price: | C$2.15 at close July 9
|
| Market capitalization: | C$360.98 million
|
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