By Abigail W. Adams
Portland, Me., Dec. 13 – StorageVault Canada Inc. priced C$100 million 5% convertible debentures due March 31, 2028 with a conversion price of C$8.65, according to a company news release.
Scotiabank was underwriter for the Regulation S offering, which carries a greenshoe of C$15 million.
Concurrently, the company privately placed C$50 million of the convertible debentures, which carry the same terms and conditions as the public offering, with an institutional investor.
Net proceeds will be used to repay existing debt, fund potential acquisitions and for general corporate purposes.
StorageVault is a Toronto-based storage unit operator.
| Issuer: | StorageVault Canada Inc.
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| Amount: | C$100 million
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| Greenshoe: | C$15 million
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| Issue: | Convertible senior debentures
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| Maturity: | March 31, 2028
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| Bookrunner: | Scotiabank
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Conversion price: | C$8.65
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| Pricing date: | Dec. 13
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| Settlement date: | Jan. 9
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| Distribution: | Regulation S
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| Stock symbol: | TSX: SVI
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| Stock price: | C$6.53 at market close Dec. 13
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| Market capitalization: | C$2.47 billion
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