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Versacold greenshoe exercised, raising convertibles to C$34.5 million
By Caroline Salls
Pittsburgh, Jan. 21 - Versacold Income Fund said the underwriters of its recent offering of 6.25% convertible unsecured subordinated debentures exercised the C$4.5 million over-allotment option in full, raising the size of the deal to C$34.5 million.
The Vancouver, B.C., public refrigerated warehousing and distribution company originally priced C$30 million of the securities Jan. 6 to yield 6.25% with an 11.66% initial conversion premium.
Proceeds will be used to expand the fund's public refrigerated warehousing operations in western Canada. Any remaining proceeds will be used to repay bank debt and for general corporate purposes.
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