By Sheri Kasprzak
New York, Dec. 12 - Liquor Barn Income Fund negotiated the terms of a C$15.7 million private placement of 8% unsecured subordinated convertible debentures.
The debentures, due Dec. 31, 2011, are convertible into trust units at C$8.60 each and have a face value of C$1,000 each.
TD Securities Inc. is the underwriter for the offering, which is scheduled to close Jan. 4.
Proceeds will be used for planned acquisitions in British Columbia, for future acquisitions, for the repayment of an existing credit facility and for general corporate purposes.
Based in Edmonton, Alta., Liquor Barn Income Fund is an income fund that owns 60% interest in Liquor Barn LP, which operates 59 liquor stores in Alberta and seven in British Columbia.
| Issuer: | Liquor Barn Income Fund
|
| Issue: | Unsecured subordinated convertible debentures
|
| Amount: | C$15.7 million
|
| Maturity: | Dec. 31, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$8.60
|
| Warrants: | No
|
| Underwriter: | TD Securities Inc.
|
| Pricing date: | Dec. 12
|
| Settlement date: | Jan. 4
|
| Stock symbol: | Toronto: LBN
|
| Stock price: | C$7.98 at close Dec. 11
|
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