Morneau Shepell greenshoe lifts 5.75% convertibles to C$75 million

By Susanna Moon

Chicago, March 23 - Morneau Shepell Inc.'s underwriters fully exercised their C$5 million over-allotment option, bringing the total deal size of the company's issue of five-year convertible debentures to C$75 million.

The company priced C$70 million of the convertibles on a bought-deal basis at par to yield 5.75% on March 7. There initial conversion premium is 43%.

The Regulation S offering was brought by a syndicate of underwriters co-led by National Bank Financial Inc. and TD Securities Inc.

The debentures are non-callable until March 31, 2015.

Proceeds will be used for general corporate purposes and to support strategic acquisitions.

Morneau Shepell is the largest benefits and pension consulting firm in Canada.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.