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AutoCanada Announces Add-On Offering of $100,000,000 Senior Notes to Existing 8.75% Senior Unsecured Notes Due 2025, Extension of Credit Facility for Three Years and Selected Preliminary 2021 First Quarter Results
AutoCanada Announces Add-On Offering of $100,000,000 Senior Notes to Existing 8.75% Senio...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AutoCanada Announces Add-On Offering of $100,000,000 Senior Notes to Existing 8.75% Senior Unsecured Notes Due 2025, Extension of Credit Facility for Three Years and Selected Preliminary 2021 First Quarter Results\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n EDMONTON, AB\n \n ,\n \n April 14, 2021\n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a leading multi-location North American automobile dealership group, is pleased to announce that it intends to offer (the \"Offering\") an additional\n \n $100 million\n \n aggregate principal amount of its existing 8.75% senior unsecured notes due 2025 (the \"Notes\"). The Notes will be offered and sold to \"accredited investors\" in certain provinces of\n \n Canada\n \n on a private placement basis.  Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc. and RBC Dominion Securities Inc. are acting as Joint Bookrunning Managers, HSBC Securities (\n \n Canada\n \n ) Inc. as Lead Manager, and along with ATB Capital Markets Inc., Canaccord Genuity Corp., Cormark Securities Inc., Stifel Nicolaus Canada Inc., Acumen Capital Finance Partners Limited, and National Bank Financial Inc. who are acting as Co-Managers for the Offering. Proceeds of the Offering will be used by the Company to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes, including acquisitions.\n \n \n \n \n \n \n \n \n \n In addition, effective\n \n April 14, 2021\n \n , the Company has amended and extended its existing credit facility for three years to 2024. The amended credit facility increases the revolving facility by\n \n $50 million\n \n to\n \n $225 million\n \n and includes a\n \n $1,060 million\n \n wholesale floorplan financing facility and a\n \n $15 million\n \n wholesale leasing facility, for total aggregate bank facilities of\n \n $1.3 billion\n \n .\n \n \n \n Mike Borys\n \n , Chief Financial Officer of AutoCanada, stated, \"The strength of our balance sheet, our financial flexibility, our l...