By Devika Patel
Knoxville, Tenn., July 19 - Atrium Innovations Inc. said it will sell C$75 million of 5.75% seven-year convertible unsecured subordinated debentures in a public offering. The deal also has an over-allotment option for C$11.25 million more of the debentures, which will be sold through a syndicate of underwriters co-led by TD Securities Inc., National Bank Financial Inc. and RBC Capital Markets.
The debentures, which mature Aug. 31, 2018, will be convertible at a conversion price of C$24.60 per common share, which equals a conversion premium of 59.74% to the July 18 closing share price of C$15.40. They are being sold at par of C$1,000.
Settlement is expected on Aug. 9.
The company said it plans to raise C$25 million in a private placement of identical debentures, which will settle concurrently with the public sale.
All proceeds will be used to reduce debt.
Saskatoon, Sask.-based 49 North is a resource investment, financial and managerial advisory, and merchant banking company.
| Issuer: | Atrium Innovations Inc.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$75 million
|
| Greenshoe: | C$11.25 million
|
| Maturity: | Aug. 31, 2018
|
| Coupon: | 5.75%
|
| Price: | Par of C$1,000
|
| Conversion price: | C$24.60
|
| Conversion premium: | 59.74%
|
| Underwriters: | TD Securities Inc., National Bank Financial Inc. and RBC Capital Markets (co-leads)
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 9
|
| Stock symbol: | Toronto: ATB
|
| Stock price: | C$15.30 at close July 19
|
| Market capitalization: | C$500.08 million
|
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