By Laura Lutz
Des Moines, Dec. 3 - Liquor Stores Income Fund arranged a C$50 million offering of five-year subordinated unsecured convertible debentures with a syndicate of underwriters led by RBC Capital Markets.
The debentures will mature on Dec. 31, 2012 and bear interest at 6.75% per year. They will be convertible into trust units at C$28.50 per unit.
Interest will be payable semiannually.
There is a greenshoe for C$7.5 million.
Settlement is expected on Dec. 21.
Some of the proceeds will be used to temporarily repay debt under the company's revolving credit facilities, which will be redrawn to fund new store acquisition and development. The rest will be used for general corporate purposes.
Liquor Stores Income Fund is an operator of liquor stores based in Edmonton, Alta.
| Issuer: | Liquor Stores Income Fund
|
| Issue: | Subordinated unsecured convertible debentures
|
| Amount: | C$50 million
|
| Greenshoe: | C$7.5 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Conversion price: | C$28.50 per trust unit
|
| Underwriter: | RBC Capital Markets (lead)
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 21
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
