By Cristal Cody
Prospect News, Feb. 1 - GMP Capital Inc. said Tuesday that it priced C$100 million five-year series B cumulative rate reset preferred shares that yield 5.5% a year for the initial period ending March 31, 2016.
The offering included 4 million shares (DBRS: Pfd-3) at C$25.00 per share.
The deal includes an over-allotment option of 600,000 shares.
National Bank Financial Inc., GMP Securities LP and Scotia Capital Inc. are the lead managers.
The proceeds will be used for general corporate purposes, which may include the reduction of debt.
Toronto-based GMP Capital is a leading independent Canadian investment dealer.
| Issuer: | GMP Capital Inc.
|
| Amount: | C$100 million, or 4 million preferred shares
|
| Greenshoe: | C$15 million, or 600,000 preferred shares
|
| Maturity: | March 31, 2016
|
| Securities: | Cumulative rate reset preferred shares
|
| Bookrunners: | National Bank Financial Inc., GMP Securities LP, Scotia Capital Inc.
|
| Yield: | 5.5%
|
| Price: | C$25.00 per share
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 22
|
| Rating: | DBRS: Pfd-3
|
| Distribution: | Canada
|
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