By Abigail W. Adams
Portland, Me., Feb. 6 – Goodfood Market Corp. placed C$30 million of 5.75% convertible debentures due 2025 in a bought deal with a syndicate of underwriters led by National Bank Financial Inc. and Desjardins Capital Markets, according to a company news release.
The deal carries a greenshoe of C$4.5 million.
The conversion price for the debentures is C$4.70.
The debentures are non-callable until March 31, 2023, callable subject to a 125% hurdle until March 31, 2024 and then freely callable.
The debentures will be settled in shares.
Proceeds will be used to finance the construction of a new production and distribution facility in Toronto, to invest in the further automation of existing facilities and for general corporate purposes.
Goodfood is a Montreal-based online grocery retailer.
| Issuer: | Goodfood Market Corp.
|
| Securities: | Convertible debentures
|
| Amount: | C$30 million
|
| Greenshoe: | C$4.5 million
|
| Maturity: | March 31, 2025
|
| Bookrunners: | National Bank Financial Inc. and Desjardins Capital Markets
|
| Coupon: | 5.75%
|
| Conversion price: | C$4.70
|
| Conversion rate: | 212.7660
|
| Call options: | Non-callable until March 31, 2023, callable subject to a 125% hurdle until March 31, 2024 and then freely callable
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 26
|
| Distribution: | Simplified prospectus in all provinces in Canada
|
| Stock symbol: | Toronto: FOOD
|
| Stock price: | C$3.15 at market close Feb. 6
|
| Market capitalization: | C$183.39 million
|
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