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TimberWest underwriters exercise C$15 million greenshoe
St. Louis, Sept. 12 - TimberWest Forest Corp. announced Friday that underwriters led by Merrill Lynch Canada exercised in full their greenshoe option to purchase an additional C$15 million of 7% senior debentures.
On Thursday the Vancouver, B.C. company priced a C$50 million add-on to its 7% senior debentures due Oct. 1, 2007 at 101.28 in a bought deal.
As a result of the option exercise, TimberWest expects to issue $65 million of debentures, for net proceeds of $65.2 million.
The syndicate also included BMO Nesbitt Burns, Scotia Capital, HSBC Securities (Canada), National Bank Financial.
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