By Devika Patel
Knoxville, Tenn., April 20 - Pinetree Capital Ltd. priced C$60 million of five-year convertible unsecured subordinated debentures at par to yield 8% with an initial conversion premium of 33.65%, according to a news release.
The sale is being conducted on a private placement, best-efforts basis by a syndicate of underwriters co-led by Dundee Securities Ltd. and GMP Securities LP and including Acumen Capital Finance Partners Ltd., Fraser Mackenzie Ltd. and M Partners Inc.
The debentures, due May 31, 2016, will be initially convertible at C$4.25 per share and may be called after May 31, 2014. The conversion price is equal to a conversion rate of 235.2941 shares per C$1,000 of debentures.
Proceeds will be used for future investment activities and for general corporate purposes.
Pinetree is an investment banking company based in Toronto.
| Issuer: | Pinetree Capital Ltd.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$60 million
|
| Maturity: | May 31, 2016
|
| Coupon: | 8%
|
| Price: | Par of C$1,000
|
| Conversion price: | C$4.25
|
| Conversion rate: | 235.2941
|
| Conversion premium: | 33.65%
|
| Call: | After May 31, 2014
|
| Warrants: | No
|
| Agents: | Dundee Securities Ltd. and GMP Securities LP (co-leads), Acumen Capital Finance Partners Ltd., Fraser Mackenzie Ltd. and M Partners Inc.
|
| Pricing date: | April 20
|
| Stock symbol: | Toronto: PNP
|
| Stock price: | C$3.29 at close April 20
|
| Market capitalization: | C$448.68 million
|
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