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AGI Announces Closing of $100 Million Public Offering of Convertible Unsecured Subordinated Debentures
AGI Announces Closing of $100 Million Public Offering of Convertible Unsecured Subordinat...
About this update from Ag Growth International Inc.
[{"type":"text","content":"\n \n \n \n AGI Announces Closing of $100 Million Public Offering of Convertible Unsecured Subordinated Debentures\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n April 19, 2022\n \n \n /CNW/ - Ag Growth International Inc. (TSX: AFN) (\"AGI\" or the \"Company\") is pleased to announce that it has closed the previously announced public offering of\n \n $100\n \n million aggregate principal amount of convertible unsecured subordinated debentures (the \"Debentures\") at a price of\n \n $1,000\n \n per Debenture. A syndicate led by CIBC Capital Markets and including National Bank Financial Inc., TD Securities Inc., ATB Capital Markets Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., RBC Capital Markets, Desjardins Securities Inc., Raymond James Ltd., Cormark Securities Inc., and Laurentian Bank Securities Inc. (collectively, the \"Underwriters\") acted as underwriters for the offering.\n \n \n The Debentures have an interest rate of 5.20% per annum, a maturity date of\n \n December 31, 2027\n \n , are convertible at the option of the holder into common shares of AGI at a conversion price of\n \n $70.50\n \n per share, and are listed for trading on the Toronto Stock Exchange under the symbol \"AFN.DB.J\".\n \n \n AGI has granted the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following closing, to purchase up to an additional\n \n $15 million\n \n aggregate principal amount of Debentures.\n \n \n AGI will initially use the net proceeds of the offering to partially repay outstanding indebtedness under its revolving credit facilities, a portion of which will then be redrawn to fund the redemption of the Company's 4.50% convertible unsecured subordinated debentures due\n \n December 31, 2022\n \n (the \"Convertible Debentures\") and for general corporate purposes. The Convertible...