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AGI Announces Full Exercise of Over-Allotment Option in Connection with Public Offering of Convertible Unsecured Subordinated Debentures
AGI Announces Full Exercise of Over-Allotment Option in Connection with Public Offering o...
About this update from Ag Growth International Inc.
[{"type":"text","content":"\n \n \n \n AGI Announces Full Exercise of Over-Allotment Option in Connection with 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 WINNIPEG, MB\n \n ,\n \n Nov. 9, 2021\n \n /CNW/ - Ag Growth International Inc. (TSX: AFN) (\"AGI\" or the \"Company\") is pleased to announce the full exercise of the over-allotment option on its offering of convertible unsecured subordinated debentures (the \"Debentures\"), resulting in the issuance of an additional\n \n $15 million\n \n aggregate principal amount of Debentures, bringing the total offering to $115 million aggregate principal amount of Debentures.\n \n \n The Debentures have an interest rate of 5.00% per annum, a maturity date of\n \n June 30, 2027\n \n , are convertible at the option of the holder into common shares of AGI at a conversion price of\n \n $45.14\n \n per share, and are listed for trading on the Toronto Stock Exchange under the symbol \"AFN.DB.I\".\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 4.85% convertible unsecured subordinated debentures due\n \n June 30, 2022\n \n (the \"Convertible Debentures\") and for general corporate purposes. The Convertible Debentures are listed on the Toronto Stock Exchange under the symbol \"AFN.DB.D\" and the redemption will be effective\n \n November 16, 2021\n \n . The aggregate principal amount of the Convertible Debentures outstanding is approximately\n \n $86 million\n \n .\n \n \n A syndicate book run by CIBC Capital Markets and including National Bank Financial Inc., TD Securities Inc., Scotia Capital Inc., ATB Capital Markets Inc., BMO Nesbitt Burns Inc., Raymond James Ltd., Cormark Securities Inc., Des...