Great Canadian plans to sell C$180 million 5.25% senior debentures

By James McCandless

San Antonio, Feb. 10 – Great Canadian Gaming Corp. plans to price a C$180 million offering of senior debentures with a coupon of 5.25%, according to a press release.

There is a C$27 million greenshoe.

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.

Concurrently, the company is offering to purchase up to C$500 million of its outstanding common shares for cancellation.

The company is also increasing the borrowing capacity of its senior secured credit facilities to C$550 million from C$400 million.

Dividends are payable on June 30 and Dec. 31, commencing on June 30, 2020.

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.

Great Canadian is a North York, Ont.-based gaming, entertainment and hospitality company.

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