AXL will Now be Debt Free - Gotta Like That Now....Back in 2011....They Floated $46M in Debentures to s Syndicate of Underwriters to Pay Down Debt.
$46 million principal amount of 7.25% convertible unsecured subordinated debentures due June 30, 2017 (the "Debentures"). The Debentures are convertible at the holder's option into common shares of the Company ("Common Shares") at a conversion price of $1.70 per Common Share, subject to adjustment in certain events. The Offering was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, and which included Cormark Securities Inc., National Bank Financial Inc. and Scotia Capital Inc. The Offering includes the $40 million initial offering plus the exercise in full of a 15% over-allotment option by the Underwriters.
Net proceeds of the Offering will be approximately $43.86 million after commissions and expenses and will be initially used to pay down bank debt
Now Guess What ...AXL has Just Eliminated its Debt with the $82 Million asset sale....Looking Mighty Prospective from My Vantage Point Going Forward @ $0.18 per share.