By Susanna Moon
Chicago, Nov. 12 - Vicwest Inc. said it plans to issue C$30 million principal amount of 5.25% convertible unsecured subordinated debentures due Dec. 31, 2018, with a conversion premium of 45.27%.
The bought-deal issue was led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets Inc. and includes a 30-day over-allotment option for another C$4.5 million convertibles.
Proceeds will be used to reduce debt, for future acquisitions and for general corporate purposes.
The conversion price is C$18.90 per common share, for a conversion rate of 52.9101 common shares for each C$1,000 principal amount of debentures.
Settlement has been slated for Dec. 4.
Vicwest is an Oakville, Ont.-based manufacturer and distributor of engineered storage and handling systems for grain, fertilizer and liquid storage as well as building construction products for agriculture, commercial, industrial and residential markets.
| Issuer: | Vicwest Inc.
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$30 million
|
| Greenshoe: | C$4.5 million
|
| Maturity: | Dec. 31, 2018
|
| Underwriters: | National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets Inc.
|
| Coupon: | 5.25%
|
| Conversion premium: | 45.27%
|
| Conversion price: | C$18.90
|
| Conversion ratio: | 52.9101
|
| Pricing date: | Nov. 12
|
| Settlement date: | Dec. 4
|
| Stock symbol: | Toronto: VIC
|
| Stock price: | C$13.01 at close on Nov. 11
|
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