WesternOne Equity greenshoe lifts 8% convertibles to C$86.25 million

By Melissa Kory

Cleveland, June 6 - WesternOne Equity Income Fund announced that underwriters exercised their over-allotment option for an additional C$11.25 million of its 8% extendible convertible subordinated debentures, lifting the offering to C$86.25 million.

WesternOne priced C$75 million of the debentures on May 16 on a bought-deal basis at par to yield 8% with an initial conversion premium of 27%.

The underwriting syndicate was co-led by Dundee Securities Ltd. and National Bank Financial Inc. and included Canaccord Genuity Corp., CIBC World Markets Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Capital Markets Canada Ltd., Union Securities Ltd. and M Partners Inc.

The proceeds from the over-allotment option will be used for general corporate purposes, including acquisitions.

Vancouver, B.C.-based WesternOne Equity acquires equipment-, fuel distribution- and infrastructure-related businesses.

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