By Rebecca Melvin
New York, May 28 - 5N Plus Inc. priced C$60 million of five-year convertible unsecured subordinated debentures on a bought deal basis to yield 5.75% with an initial conversion premium of 42%, according to a release.
The deal, which has a C$6 million greenshoe, is being sold via a syndicate of underwriters led by National Bank Financial Inc.
The debentures may be redeemed under certain circumstances after June 30, 2017, and they will mature on June 30, 2019.
Proceeds will be used to reduce 5N's debt under its revolving credit facility and for general corporate purposes.
The bonds are being distributed under a short-form prospectus in all the provinces of Canada.
Montreal-based 5N is a metal and chemicals producer.
| Issuer: | 5N Plus Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$60 million
|
| Greenshoe: | C$6 million
|
| Maturity: | June 30, 2019
|
| Bookrunners: | Syndicate led by National Bank Financial Inc.
|
| Coupon: | 5.75%
|
| Price: | Par, C$1,000
|
| Yield: | 5.75%
|
| Initial conversion premium: | 42%
|
| Initial conversion price: | C$6.75
|
| Initial conversion ratio: | 148.1 shares
|
| Calls: | Redeemable in certain circumstances after June 30, 2017
|
| Pricing date: | May 28
|
| Settlement: | June 18
|
| Stock symbol: | Toronto: VNP
|
| Stock price: | C$4.76 at close May 28
|
| Market capitalization: | C$399.43 million
|
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