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TerraVest buys C$2 million convertibles, 1.1 million shares in oversubscribed issuer bid
By Susanna Moon
Chicago, May 1 – TerraVest Industries Inc. said investors had tendered C$3,378,000 of its 7% convertible unsecured subordinated debentures due June 20, 2020 and 1,361,536 shares in the substantial issuer bid that ended at 5 p.m. ET on April 26.
As the offer was oversubscribed, TerraVest plans to purchase 1.1 million, or 80.8%, of the shares and C$2 million, or 59.2%, of the convertibles on a prorated basis, according to a company notice on Tuesday.
The total purchase price for the shares will be about C$11 million and C$2,424,240 for the convertibles, funded with cash on hand.
As announced March 16, TerraVest was holding the substantial issuer bid for up to C$2 million principal amount of the 7% convertibles and for up to 1 million shares.
The company was offering C$1,212.12 per C$1,000 principal amount for the convertibles and C$10.00 per share.
After the purchase, TerraVest will have about 17,159,534 shares and C$19,594,000 principal amount of debentures left outstanding.
TerraVest is a Vegreville, Alta., oil and gas investment company focused on fuel containment vessels and processing equipment.
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