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Bullboard - Stock Discussion Forum Mattr Corp T.MATR

Alternate Symbol(s):  MTTRF

Mattr Corp., formerly Shawcor Ltd., is a global material technology company serving critical infrastructure markets, including electrification, transportation, communication, water management and energy. The Company operates through a network of fixed and mobile manufacturing and service facilities. The Company operates through two business segments: Composite Technologies and Connection... see more

TSX:MATR - Post Discussion

Mattr Corp > News - unsecured notes $150 million at 9%
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Post by 2021Gamble on Dec 02, 2021 7:50am

News - unsecured notes $150 million at 9%

Shawcor Prices C$150 Million Unsecured Note Offering

T.SCL

TORONTO, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has entered into an underwriting agreement to sell, pursuant to a private placement offering (the “Offering”), C$150 million aggregate principal amount of 9.00% senior unsecured notes due 2026 (the “Notes”). The Notes will be issued at a price of C$1,000 per C$1,000 principal amount of Notes.

Shawcor will use the net proceeds of the Offering to repay amounts outstanding under its existing syndicated credit facility (the “Existing Facility”). Concurrent with issuance of the Notes, Shawcor will amend the Existing Facility to reduce the availability under the Existing Facility from US$500 million to US$300 million and, in the near future, expects to extend its term. The Company will provide further information in due course.

“We remain focused on strengthening our balance sheet to provide the financial flexibility required to effectively manage our business,” said Mike Reeves, Shawcor’s President and CEO. “This Offering coupled with the anticipated extension of our Existing Facility will enable greater flexibility and support for our strategic initiatives and future growth.”

The Notes are being offered through a syndicate of underwriters led by National Bank Financial and TD Securities.

The Notes will be offered for sale in Canada to accredited investors on a private placement basis, in accordance with Canadian securities laws. The Notes have not been registered under the U.S. Securities Act, or any state securities laws, and are being offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A of the U.S. Securities Act. The Notes may be sold outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. Subject to customary closing conditions, the Offering is expected to close in mid-December 2021.

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