By Abigail W. Adams
Portland, Me., May 16 – Polaris Infrastructure Inc. upsized it previously announced offering of 7% convertible debentures due 2024 to C$20 million on Thursday, according to a company news release.
Cormark Securities Inc. and Clarus Securities Inc. are bookrunners for the private placement offering, which carries an upsized greenshoe of C$5 million.
The initial size of the deal was C$12 million with a greenshoe of C$3 million.
Completion of the offering is subject to certain conditions including regulatory and stock exchange approval, according to the news release.
Proceeds will be used for general corporate purposes and for corporate development opportunities in Peru and Latin America.
Polaris is a Toronto-based company engaged in the development of renewable energy projects in Latin America.
Issuer: | Polaris Infrastructure Inc.
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Securities: | Convertible debentures
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Amount: | C$20 million
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Greenshoe: | C$5 million
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Maturity: | May 31, 2024
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Bookrunners: | Cormark Securities Inc. and Clarus Securities Inc.
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Conversion price: | C$15.00
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Pricing date: | April 30
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Settlement date: | May 28
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Distribution: | Private placement
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Stock symbol: | TSE: PIF
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Market capitalization: | C$197.53 million
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