By Abigail W. Adams
Portland, Me., Aug. 15 – Invesque Inc. priced $50 million in five-year convertible debentures at par with a coupon of 6% in a bought deal after the market close Wednesday, according to a company news release.
BMO Capital Markets, National Bank Financial and CIBC Capital Markets led the syndicate of underwriters for the Regulation S deal, which carries a greenshoe of $7.5 million.
The notes are non-callable until Sept. 30, 2021. They are callable subject to a 125% hurdle from Sept. 30, 2021 to Sept. 30, 2022 and then freely callable. The conversion price is $10.70 per share.
The notes will be marketed in all the provinces in Canada and may be offered in the United States via private placement.
Proceeds will be used to repay outstanding debt and for general corporate purposes.
Invesque is a Toronto-based health care real estate company.
| Issuer: | Invesque Inc.
|
| Securities: | Convertible unsecured subordinated debentures
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | Sept. 30, 2023
|
| Bookrunners: | BMO Capital Markets, National Bank Financial and CIBC Capital Markets
|
| Coupon: | 6%
|
| Price: | Par
|
| Conversion price: | $10.70
|
| Call options: | Non-callable until Sept. 30, 2021, callable subject to a 125% hurdle until Sept. 30, 2022 then freely callable
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 24
|
| Distribution: | Regulation S
|
| Stock symbol: | TSE: IVQ.U
|
| Stock price: | C$7.93
|
| Market capitalization: | $468.91 million
|
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