Parkland convertibles up to C$97.75 million with greenshoe exercise

By Marisa Wong

Milwaukee, Dec. 1 - Parkland Income Fund announced that the underwriters of its previously announced offering of 6.5% convertible unsecured subordinated debentures exercised the C$12.75 million over-allotment option in full. The deal closed at C$97.75 million on Tuesday, according to a news release.

Parkland priced C$85 million of five-year convertibles on Nov. 9 to yield 6.5% with an initial conversion premium of 30%.

CIBC led the syndicate of underwriters for the offering, which also included TD Securities Inc., RBC Capital Markets, Scotia Capital Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc. and Dundee Securities Corp.

Net proceeds are estimated at C$93.8 million and will be used to repay outstanding indebtedness under the fund's credit facilities.

Based in Red Deer, Alta., Parkland operates retail and wholesale fuels and convenience store businesses.

© 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.