Published on 3/2/2020 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Great Canadian Gaming sells C$180 million 5¼% seven-year debentures at par
By James McCandless
San Antonio, March 2 – Great Canadian Gaming Corp. priced a C$180 million offering of $1,000-par senior debentures due Dec. 31, 2026 at par on Monday with a coupon of 5¼%, according to a press release.
There is a C$27 million greenshoe.
The deal, announced on Feb. 10, fell in line with talk of $180 million and a coupon of 5¼%
CIBC Capital Markets, Scotiabank, BMO Capital Markets and RBC Capital Markets are the joint bookrunners.
Underwriters are National Bank Financial Inc., TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Cormark Securities Inc. and HSBC Securities (Canada) Inc.
The debentures are redeemable on or after Dec. 31, 2022 to Dec. 31, 2023 at 103.9375, on or after Dec. 31, 2023 to Dec. 31, 2024 at 102.625, on or after Dec. 31, 2024 to Dec. 31, 2025 at 101.3125 or on or after Dec. 31, 2025 at par.
The company plans to list the debentures on the Toronto Stock Exchange under the symbol “GC.DB.”
Great Canadian is a North York, Ont.-based gaming, entertainment and hospitality company.
| Issuer: | Great Canadian Gaming Corp.
|
| Description: | Senior debentures
|
| Amount: | C$180 million
|
| Greenshoe: | C$27 million
|
| Maturity: | Dec. 31, 2026
|
| Bookrunners: | CIBC Capital Markets, Scotiabank, BMO Capital Markets and RBC Capital Markets
|
| Underwriters: | National Bank Financial Inc., TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Cormark Securities Inc. and HSBC Securities (Canada) Inc.
|
| Coupon: | 5¼%
|
| Price: | Par of $1,000
|
| Yield: | 5¼%
|
| Call: | On or after Dec. 31, 2022 to Dec. 31, 2023 at 103.9375, on or after Dec. 31, 2023 to Dec. 31, 2024 at 102.625, on or after Dec. 31, 2024 to Dec. 31, 2025 at 101.3125 or on or after Dec. 31, 2025 at par
|
| Pricing date: | March 2
|
| Distribution: | Canada
|
| Listing: | Toronto: GC.DB
|
| Talk: | 5¼%
|
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