Ag Growth International Inc. (AFN-T) announced an offering of $100-million of convertible unsecured subordinated debentures. The company said it has an agreement with a syndicate of underwriters to buy the debentures for $1,000 each.
The net proceeds of the offering will be used to redeem Ag Growth’s outstanding convertible unsecured subordinated debentures due Dec. 31 and for general corporate purposes.
“This offering addresses our near-term debt maturity while we continue to focus on execution and organic growth opportunities,” stated CEO Tim Close “We continue to see strong demand as customers across all segments continue to invest in critical equipment and technologies to support their operations.”