By Devika Patel
Knoxville, Tenn., Oct. 4 - Martinrea International Inc. said it has entered into an agreement with a syndicate of underwriters co-led by Paradigm Capital Inc. and GMP Securities LP for a bought-deal C$126.875 million private placement of common shares.
The company sold 7,250,000 shares at C$17.50 apiece. All of the shares will have a four-month hold period.
Closing is expected on Oct. 18.
Proceeds will be used to finance growth, to pay down debt and for general corporate purposes.
Based in Vaughan, Ont., Martinrea designs, engineers, manufactures and sells metal parts, assemblies and fluid management systems.
| Issuer: | Martinrea International Inc.
|
| Issue: | Common shares
|
| Amount: | C$126.875 million
|
| Shares: | 7,250,000
|
| Price: | C$17.50
|
| Warrants: | No
|
| Underwriters: | Paradigm Capital Inc., GMP Securities LP (co-leads)
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 18
|
| Stock symbol: | Toronto: MRE
|
| Stock price: | $18.01 at close Oct. 4
|
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