Exchange Income option fully exercised, convertibles now C$69 million

New York, June 7 – Exchange Income Corp. announced that the underwriters exercised the C$9 million over-allotment option in full for its recent sale of C$60 million of convertible unsecured subordinated debentures.

The deal size is now C$69 million, according to a news release.

National Bank Financial Inc. and Laurentian Bank Securities Inc. were lead managers for the transaction, which priced at par on May 16 with a 5.25% coupon and a 40% initial conversion premium.

Proceeds will be used to reduce debt and for general corporate purposes.

The offering closed on Tuesday.

Winnipeg, Man.-based Exchange Income is an open-ended, limited-purpose trust focused on the industrial products and transportation sectors.

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