By Rebecca Melvin
New York, June 1 - Student Transportation Inc. sold C$50 million of five-year convertible unsecured subordinated debentures on a bought-deal basis to yield 6.75% with an initial conversion premium of 36%, according to a news release.
The syndicate for the debentures offering was led by Scotia Capital Inc. and included BMO Capital Markets, CIBC World Markets Inc., TD Securities Inc., Wellington West Capital Markets Inc., Raymond James Ltd. and Cormark Securities Inc.
The debentures will be convertible at a rate of 137.9310 common shares per C$1,000 principal amount of debentures, which is equal to a conversion price of C$7.25 per common share.
The debentures are being offered by way of a short-form prospectus in each province and territory of Canada and in the United States on a private placement exempted from registration requirements.
Proceeds will be used for general corporate purposes.
Student Transportation is a school bus transportation services company based in Barrie, Ont.
| Issuer: | Student Transportation Inc.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$50 million
|
| Maturity: | June 15, 2015
|
| Underwriters: | Syndicate led by Scotia Capital Inc. and including BMO Capital Markets, CIBC World Markets Inc., TD Securities Inc., Wellington West Capital Markets Inc., Raymond James Ltd. and Cormark Securities Inc.
|
| Coupon: | 6.75%
|
| Price: | Par, C$1,000
|
| Yield: | 6.75%
|
| Conversion premium: | 36%
|
| Conversion price: | C$7.25 per common share
|
| Conversion ratio: | 137.9310
|
| Pricing date: | June 1
|
| Stock listing: | Toronto: STB
|
| Stock reference: | C$5.33
|
| Distribution: | Short-form prospectus in Canada, and private placement in United States
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
