New York, Jan. 13 - Progress Energy Trust said it priced C$100 million of 6.75% convertible unsecured subordinated debentures.
The securities convert at a price of C$15.00 per trust unit.
CIBC World Markets Inc. was the lead manager for the bought-deal financing. The syndicate also included BMO Nesbitt Burns Inc., Scotia Capital Inc., FirstEnergy Capital Corp., TD Securities Inc., Canaccord Capital Corp., Raymond James Ltd. and First Associates Investments Inc.
Proceeds will be used to repay bank debt and for general corporate purposes.
Progress Energy Trust is a Calgary, Alta., natural gas-focused trust.
| Issuer: | Progress Energy Trust
|
| Issue: | Convertible unsecured subordinated debentures
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| Amount: | C$100 million
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| Maturity: | June 30, 2010
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| Coupon: | 6.75%
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| Conversion price: | C$15.00
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| Conversion premium: | 10.9% over C$13.53 close
|
| Pricing date: | Jan. 13
|
| Settlement: | Feb. 2
|
| Lead manager: | CIBC World Markets Inc.
|
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