New York, Sept. 12 - Daylight Resources Trust priced C$125 million of 8.5% convertible unsecured subordinated debentures with a 21.3% premium.
The conversion price is C$8.60.
Scotia Capital Inc. and CIBC World Markets Inc. are joint lead managers of the bought deal, with National Bank Financial Corp., Canaccord Capital Corp., Dundee Securities Corp., Cormark Securities Inc. and Tristone Capital Inc. also in the syndicate. The deal was sold by short-form prospectus in Canada, except Quebec and Prince Edward Island, and under Rule 144A in the United States.
The offering has a greenshoe for C$18.75 million.
Calgary, Alta.-based Daylight will use proceeds to repay debt, which can be reborrowed to fund exploration and development and for working capital. Daylight is an open-ended oil and gas trust.
| Issuer: | Daylight Resources Trust
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$125 million
|
| Greenshoe: | C$18.75 million
|
| Maturity: | Oct. 31, 2012
|
| Coupon: | 8.5%
|
| Conversion price: | C$8.60
|
| Conversion ratio: | 116.2791
|
| Call: | Oct. 31, 2010 onwards at 105, then 102.5, par
|
| Underwriters: | Scotia Capital Inc., CIBC World Markets Inc. (joint leads)
|
| Distribution: | Short-form prospectus in Canada except Quebec and Prince Edward Island, Rule 144A
|
| Pricing date: | Sept. 12
|
| Settlement: | Oct. 3
|
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