Chicago, June 29 – StorageVault Canada Inc. entered into a bought deal debenture agreement for C$75 million of 5¾% listed senior hybrid debentures due Jan. 31, 2026 with Scotiabank, National Bank Financial Inc. and TD Securities Inc., according to a press release.
The Regulation S deal allows the underwriters to purchase an additional C$11.25 million of the notes.
The notes are not redeemable before the first call date, Jan. 31, 2024. After the first call date and prior to Jan. 31, 2025, the notes can be redeemed at 102.875 plus interest. After Jan. 31, 2025, the notes can be redeemed at par.
Proceeds will be used to repay StorageVault’s revolving credit facilities, to fund potential future acquisition opportunities and for general corporate purposes.
StorageVault operates and owns a self-storage property in Regina, Sask.
Issuer: | StorageVault Canada Inc.
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Issue: | Senior hybrid debentures
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Amount: | C$75 million
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Over-allotment option: | C$11.25 million
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Maturity: | Jan. 31, 2026
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Underwriters: | Scotiabank, National Bank Financial Inc. and TD Securities Inc.
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Coupon: | 5¾%
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Price: | Par
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Call: | Non-callable before Jan. 31, 2024; at 102.875 until Jan. 31, 2025; thereafter at par
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Pricing date: | June 29
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Settlement date: | July 20
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Distribution: | Bought deal, Regulation S
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