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AutoCanada to offer C$300 million senior notes for refinancing
Chicago, Jan. 20 – AutoCanada Inc. is offering C$300 million of seven-year senior notes (B+), according to a press release.
Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. have been hired at joint bookrunners.
ATB Capital Markets Inc. is the lead manager.
HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc., Acumen Capital Finance Partners Ltd. and TD Securities Inc. are working as co-managers.
Proceeds will be used to fund the redemption of the company’s outstanding C$250 million 8¾% senior notes due 2025 and to reduce the outstanding balance on a syndicated credit facility.
The notes will be sold to accredited investors in Canada and qualified institutional buyers in the United States.
The franchise automobile dealership group based in Edmonton, Alta.
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