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Accord Financial Corp. Completes $18.4 Million Offering of Convertible Unsecured Subordinated Debentures
Accord Financial Corp. Completes $18.4 Million Offering of Convertible Unsecured Subordina...
About this update from Accord Financial Corp.
[{"type":"text","content":"\n\n\n\nAccord Financial Corp. Completes $18.4 Million Offering of Convertible Unsecured Subordinated Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 18, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Dec. 18, 2018 /CNW/ - Accord Financial Corp. (\"Accord\" or the \"Company\") (TSX: ACD) is pleased to announce that further to its news release dated December 11, 2018, the Company has completed its marketed public offering (the \"Offering\") of 15,000 convertible unsecured subordinated debentures for gross proceeds of $15 million (the \"Initial Debentures\"). The Company has also closed its non‐brokered private placement of 3,400 convertible unsecured subordinated debentures (the \"Private Placement Debentures\" and together with the Initial Debentures, the \"Debentures\") with certain existing shareholders, certain insiders of Accord and other individuals resident in the United States, for gross proceeds of $3.4 million, which together with the gross proceeds from the Initial Debentures, represent an aggregate principal amount of $18.4 million.\nThe Debentures will mature on December 31, 2023 (the \"Maturity Date\") and interest will be payable semi-annually in arrears on June 30 and December 31 of each year, commencing June 30, 2019. At the holder's option, the Debentures may be converted into common shares of Accord (\"Common Shares\") at any time prior to the close of business on the earliest of (i) the business day immediately preceding the Maturity Date; (ii) if called for redemption, on the business day immediately preceding the date specified by the Company for redemption of the Debentures; or (iii) if the Company is required to offer to purchase such Debentures pursuant to a change of control purchase offer, on the business day immediately preceding the payment date. The initial conversion price (the \"Conversion Price\") will be $13.50 per Common Share, and will be subject to adjustment in certain circumstances.\nThe D...