Vicwest greenshoe lifts 5.25% five-year convertibles to C$32 million

By Susanna Moon

Chicago, Dec. 20 - Vicwest Inc. said underwriters exercised part of their over-allotment option on the company's 5.25% convertible unsecured subordinated debentures due Dec. 31, 2018, bringing the total deal size to C$32 million.

Vicwest said it priced C$30 million principal amount of the convertibles with a conversion premium of 45.27%. The deal included a 30-day greenshoe for another C$4.5 million of convertibles.

As previously announced, the bought-deal issue was led by National Bank Financial Inc., CIBC World Markets Inc. and RBC Capital Markets Inc.

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.

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.

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