By Sheri Kasprzak
New York, Oct. 2 - Gaz Metro Inc. is preparing to close a C$50 million private placement of trust units with SNC-Lavalin Inc.
SNC-Lavalin agreed to buy 2,913,753 trust units at C$17.16 each. The price per unit is equal to a 2.25% discount to the weighted average price of the units during the last five trading days.
The deal is expected to close Oct. 10.
Proceeds will be used to reimburse a portion of the company's outstanding commercial paper.
Montreal-based Gaz Metro is a natural gas distribution company.
| Issuer: | Gaz Metro Inc.
|
| Issue: | Trust units
|
| Amount: | C$50 million
|
| Trust units: | 2,913,753
|
| Price: | C$17.16
|
| Warrants: | No
|
| Investor: | SNC-Lavalin Inc.
|
| Announcement date: | Oct. 2
|
| Settlement date: | Oct. 10
|
| Stock symbol: | Toronto: GZM
|
| Stock price: | C$17.63 at close Oct. 2
|
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