Aecon greenshoe exercised, raising convertibles to C$92 millionBy Melissa Kory

Cleveland, Sept. 29 - Aecon Group Inc. announced that the syndicate of underwriters for its recent offering of convertible unsecured subordinated debentures exercised the C$12 million over-allotment option in full, increasing the offering to C$92 million.

Aecon priced the original C$80 million of debentures to yield 6.25% with a 59% initial conversion premium on Sept. 20. The debentures, which mature Oct. 31, 2015, are convertible into units of Aecon at C$19.00 per share.

Aecon may redeem the debentures in whole or part at par, plus accrued and unpaid interest, from Oct. 31, 2013 through Oct. 31, 2015, provided the weighted average trading price on the Toronto Stock exchange is not less than 125% of the conversion price.

The debentures were issued on a bought deal basis to a syndicate of underwriters co-led by GMP Securities LP and TD Securities Inc., and including Raymond James Ltd., CIBC World Markets Inc., Macquarie Capital Markets Canada Ltd., BMO Capital Markets, Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc. and Scotia Capital Inc.

Proceeds will fund the remaining purchase price for the previously completed acquisition of assets from Cow Harbour Construction Ltd.

Aecon is a Toronto construction and infrastructure company

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