By Kenneth Lim
Boston, Nov. 6 - Canada's Clarke Inc. on Monday priced C$100 million of seven-year convertible subordinated unsecured debentures at a coupon of 6% and an initial conversion premium of 25%.
The debentures were offered at par. The initial conversion price is C$15 per share.
There is an over-allotment option for a further C$15 million.
National Bank Financial and CIBC World Markets were the underwriters of the Regulation S deal.
Clarke is a Halifax, N.S.-based diversified group with business in freight transportation, shipping, real estate and information technology. The proceeds of the deal will be used to buy stakes in other businesses, and for general purposes.
| Issuer: | Clarke Inc.
|
| Issue: | Convertible subordinated unsecured debentures
|
| Bookrunners: | National Bank Financial and CIBC World Markets
|
| Amount: | C$100 million
|
| Greenshoe: | C$15 million
|
| Maturity: | Dec. 31, 2013
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion premium: | 25%
|
| Conversion price: | C$15
|
| Conversion ratio: | 66.67
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 23
|
| Distribution: | Regulation S
|
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