Clarke C$15 million greenshoe exercised to lift convertibles offer to C$115 million

By Jennifer Chiou

New York, Nov. 28 - Clarke Inc. said underwriters fully exercised a C$15 million over-allotment option to augment its offering of 6% convertible unsecured subordinated debentures due Dec. 31, 2013 to C$115 million.

National Bank Financial Inc. and CIBC World Markets Inc. led a syndicate of underwriters, which included RBC Capital Markets, BMO Capital Markets Inc., HSBC Securities (Canada) Inc., Scotia Capital Inc., TD Securities Inc. and Beacon Securities Ltd.

On Nov. 6, the company priced C$100 million of the seven-year convertibles with an initial conversion premium of 25%.

The debentures were offered at par. The initial conversion price is C$15.00 per share.

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.

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