Cervus greenshoe exercised, ups 6% convertibles to C$34.5 million

By Tali David

Minneapolis, July 24 - Cervus Equipment Corp. said the over-allotment option on its offering of 6% convertible senior subordinated debentures was exercised in full, increasing the offering proceeds by C$4.5 million.

As previously reported, the company priced C$30 million of the convertibles on July 3. The issue size is now C$34.5 million.

The syndicate of underwriters is led by Raymond James Ltd.

The conversion premium is 45.4%, and the conversion price is C$26.15.

Proceeds will be used to repay debt, to fund future acquisitions, for working capital and for general corporate purposes.

Cervus acquires and manages agricultural, commercial, industrial and transportation equipment dealerships. It is based in Calgary, Alta.

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