Student Transportation greenshoe exercised, lifts 7.5% convertibles due 2014 to C$51.75 million

By Marisa Wong

Milwaukee, Nov. 10 - Student Transportation of America Ltd. announced that the underwriters of its recently closed offering of 7.5% convertible subordinated unsecured debentures due Oct. 31, 2014 have exercised the C$6.75 million over-allotment option in full, increasing the total size of the offering to C$51.75 million.

Student Transportation priced C$45 million of the five-year convertibles on Oct. 5 to yield 7.5%.

The Regulation S sale of C$45 million of the convertibles closed on Oct. 26.

The issue was made by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and including CIBC World Markets Inc., Scotia Capital Inc., Cormark Securities Inc., Wellington West Capital Markets Inc., National Bank Financial Inc. and Raymond James Ltd.

Based in Barrie, Ont., Student Transportation of America is a provider of school bus transportation services.

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