Liquor Stores arranges $67.5-million bought deal LIQUOR STORES N.A. LTD. ANNOUNCES $67.5 MILLION BOUGHT DEAL OFFERING OF 4.70% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES
Liquor Stores N.A. Ltd. has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and National Bank Financial Inc., under which the underwriters have agreed to purchase $67.5-million aggregate principal amount of convertible unsecured subordinated debentures due Jan. 31, 2022, at a price of $1,000 per debenture.
The debentures will be subordinated, unsecured obligations of Liquor Stores, and will bear interest at a rate of 4.7 per cent per annum, payable semi-annually in arrears on Jan. 31 and July 31 of each year, commencing July 31, 2017. The debentures will be convertible at any time at the option of the holders into common shares of the company at a conversion price of $14.60 per share, based on a conversion premium of approximately 40 per cent.