RE:why the bought deal?Hold.
The Bank intends to use the net proceeds from the Public Offering and the Concurrent Private Placement to finance a portion of the purchase price for its proposed acquisition (the Acquisition) of all of the issued and outstanding equity interests in the capital of NCF Holdings LLC (Northpoint Commercial Finance), which, together with its subsidiaries, is among the leading US and Canadian inventory finance lenders with a portfolio of approximately $1.2 billion as at March 31, 2017. The Acquisition is expected to close before the end of the fiscal year ending October 31, 2017, subject to customary closing conditions, including applicable regulatory notifications, waiting periods and approvals.