By Wendy Van Sickle
Columbus, Ohio, April 15 – AutoCanada Inc. priced an upsized C$125 million add-on to its 8¾% senior notes due 2025 at 106.625 plus accrued interest from Feb. 11 for a yield of 5.595% on Thursday, according to a news release.
The offering was upsized from an initial size of C$100 million.
The notes are being sold on a private placement basis via Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. acting as joint bookrunning managers and HSBC Securities (Canada) Inc. as lead manager.
The proceeds will be used to reduce the company’s outstanding balance under a syndicated credit facility and for general corporate purposes, including acquisitions.
The issuer is a franchise automobile dealership group based in Edmonton, Alta.
| Issuer: | AutoCanada Inc.
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| Amount: | C$125 million
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| Maturity: | Feb. 11, 2025
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| Securities: | Senior notes
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| Bookrunners: | Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc.
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| Lead manager: | HSBC Securities (Canada) Inc.
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| Co-managers: | ATB Capital Markets Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc., Acumen Capital Finance Partners Ltd. and National Bank Financial Inc.
|
| Coupon: | 8¾%
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| Price: | 106.625
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| Yield: | 5.595%
|
| Trade date: | April 15
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| Settlement date: | April 22
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| Distribution: | Private placement in Canada
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