Ag Growth to redeem 4.85% convertibles due 2022 via new issue

By Wendy Van Sickle

Columbus, Ohio, Oct. 14 – Ag Growth International Inc. issued a redemption notice for its 4.85% convertible unsecured subordinated debentures due June 30, 2022, according to a news release.

The convertibles will be redeemed on Nov. 16 at par plus accrued interest.

Ag Growth plans to price C$100 million principal amount of new convertible debentures with a C$15 million greenshoe in a bought deal and to use proceeds of that offering to fund the redemption, according to a news release.

Proceeds of the new issue will also be used for general corporate purposes.

Based in Winnipeg, Man., Ag Growth is a maker of portable and stationary grain handling, storage and conditioning equipment, including augers and belt conveyors.

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