Mosaic marketing overnight offering of convertible subordinated debentures due 2021

By Stephanie N. Rotondo

Seattle, Nov. 1 – Mosaic Capital Corp. is offering convertible unsecured senior subordinated debentures due Dec. 31, 2021 via an overnight-marketed public offering, the company said in a press release on Tuesday.

The deal is being led by Canaccord Genuity Corp.

The paper is convertible at any time on the earlier of the last business day immediately preceding the maturity date, the redemption date or upon a change of control.

Interest will be payable semiannually.

The company has the option to redeem the issue on Dec. 31, 2019 at par plus accrued interest, provided that the volume weighted average price of the common stock for 20 consecutive days following the redemption notice is 125% of the conversion price. The company can also opt to redeem the issue on Dec. 31, 2020, with no qualifications.

The Calgary, Alta.-based investment company will use the proceeds to pay down existing credit facilities, for future acquisitions and for general corporate purposes, including working capital.

© 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.