By Rebecca Melvin
New York, Oct. 16 – Osisko Gold Royalties Ltd. has priced C$260 million of 4% 5.25-year convertible debentures, including a C$160 million public offering and a C$100 million private placement, with a 40% initial conversion premium, according to a company news release.
PSP Investments has committed to purchase C$100 million of the debentures through the private offering on the same terms and conditions as the public offering.
The private offering may be increased by C$40 million.
The debentures will be convertible at the holder's option into Osisko common shares at a conversion price of C$22.89 per share.
They are non-callable until Dec. 31, 2020, when they may be redeemed in certain circumstances.
Proceeds will be used to fund the acquisition of precious metal royalties and streams, working capital and general corporate purposes.
Based in Montreal, Osisko Gold Royalties owns gold royalty assets.
Issuer: | Osisko Gold Royalties Ltd.
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Issue: | Convertible debenture
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Amount: | C$260 million
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Maturity: | Dec. 31, 2022
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Coupon: | 4%
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Initial conversion premium: | 40%
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Conversion price: | C$22.89
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Initial conversion rate: | 43.6872
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Announcement date: | Oct. 16
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Settlement date: | Nov. 3
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Stock symbol: | Toronto and NYSE: OR
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Stock reference price: | C$16.35
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