WELL Health greenshoe ups 5.5% convertibles due 2026

By Marisa Wong

Los Angeles, Nov. 29 – The underwriters of WELL Health Technologies Corp.’s 5.5% convertible debentures due Dec. 31, 2026 exercised their C$5 million over-allotment option in full, bringing the total deal size to C$70 million, according to a Thursday press release.

The company had priced C$65 million of the 5.5% five-year convertibles in a bought deal private placement with a syndicate of underwriters led by Eight Capital and Scotiabank, as announced on Nov. 15.

The debentures were sold at C$1,000 per debenture with a conversion price of C$9.23 per common share, a 75% premium to the Nov. 15 closing share price.

Proceeds are expected to be used for future acquisitions, to repay debt, for working capital and for general corporate purposes.

WELL Health operates 19 medical clinics as well as an electronic medical records business that supports the digitization of those clinics. The company is based out of Vancouver, B.C.

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