By Abigail W. Adams
Portland, Me., Feb. 18 – Spark Power Group Inc. priced C$20 million of 7.5% convertible debentures due 2026 on Thursday with an initial conversion premium of 25%, according to a company news release.
Raymond James Ltd. led the syndicate of underwriters for the bought-deal, which is being marketed via short form prospectus in all provinces of Canada except Quebec.
The deal carries a greenshoe of C$3 million.
The debentures are non-callable until March 31, 2024; they are callable subject to a 125% hurdle until March 31, 2025 when they become freely callable.
The notes are also callable upon a change of control.
Proceeds will be used for working capital and to support the growth of the company.
Spark Power is an Oakville, Ont.-based provider of electrical contracting and energy sustainability solutions.
| Issuer: | Spark Power Group Inc.
|
| Securities: | Convertible debentures
|
| Amount: | C$20 million
|
| Greenshoe: | C$3 million
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| Maturity: | March 31, 2026
|
| Bookrunner: | Raymond James Ltd.
|
| Coupon: | 7.5%
|
| Conversion premium: | 25%
|
| Conversion price: | C$3.05
|
| Call options: | Non-callable until March 31, 2024; callable subject to a 125% hurdle until March 31, 2025 then freely callable
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 11
|
| Distribution: | Off shelf
|
| Stock symbol: | TSX: SPG
|
| Stock price: | C$2.44 at market close Feb. 18
|
| Market capitalization: | C$130.91 million
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