By Sheri Kasprzak
New York, June 29 - Western Financial Group Inc. wrapped its previously announced private placement for C$15 million, oversubscribed from the originally announced C$10 million.
The company sold 150,000 preferreds at C$100.00 each.
The preferreds pay annual dividends at 6.75% and are convertible into common shares at C$3.60 each.
The preferreds are redeemable after the third anniversary at 95% of the average 20-day trading price before redemption.
The deal priced on June 9 as a C$10 million offering.
The offering was placed through a syndicate of agents led by Jennings Capital Inc. and including Acumen Capital Finance Partners Ltd.
Based in High River, Alta., Western Financial operates financial service companies in western Canada.
| Issuer: | Western Financial Group Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | C$15 million
|
| Shares: | 150,000
|
| Price: | C$100.00
|
| Dividends: | 6.75%
|
| Conversion price: | C$3.60
|
| Call: | Redeemable after the third anniversary at 95% of the average 20-day trading price before redemption
|
| Warrants: | No
|
| Placement agents: | Jennings Capital Inc. (lead), Acumen Capital Finance Partners Ltd.
|
| Pricing date: | June 9
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| Settlement date: | June 29
|
| Stock symbol: | Toronto: WES
|
| Stock price: | C$3.04 at close June 8
|
| Stock price: | C$2.96 at close June 29
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