By Sheri Kasprzak
New York, Aug. 29 - Exchange Industrial Income Fund said it has priced a private placement of trust units and convertible debentures for up to C$7.5 million.
The company will sell up to 416,667 trust units at C$12.00 each and C$2.5 million in convertible debentures.
The debentures mature in five years, bear interest at 8% annually and are convertible into trust units at C$13.25 each.
Wellington West Capital Inc. is the placement agent.
The proceeds will be used to buy 398496 Alberta Inc., currently operating as Jasper Tank. The remainder will be used for working capital.
Separately, Exchange Industrial will conduct a non-brokered offering of 95,238 units at C$10.50 each for proceeds of C$1 million.
Both the brokered and non-brokered deals are scheduled to close Sept. 1.
Based in Winnipeg, Man., Exchange Industrial is an open-ended investment trust.
Brokered offering
| Issuer: | Exchange Industrial Income Fund
|
| Issue: | Trust units and convertible debentures
|
| Amount: | C$7.5 million
|
| Placement agent: | Wellington West Capital Inc.
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 1
|
| Stock price: | C$12.58 at close Aug. 26
|
|
|
| Trust units
|
| Issue: | Trust units
|
| Units: | 416,667
|
| Price: | C$12.00
|
| Warrants: | No
|
|
|
| Debentures
|
| Issue: | Convertible debentures
|
| Amount: | C$2.5 million
|
| Maturity: | Five years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$13.25
|
| Warrants: | No
|
|
|
| Non-brokered offering
|
| Issuer: | Exchange Industrial Income Fund
|
| Issue: | Trust units
|
| Amount: | C$1 million
|
| Units: | 95,238
|
| Price: | C$10.50
|
| Warrants: | No
|
| Pricing date: | Aug. 26
|
| Settlement date: | Sept. 1
|
| Stock price: | C$12.58 at close Aug. 26
|
|
|
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