Business
Celestica Announces Successful US$350 million Substantial Issuer Bid, Execution of Amended and Restated Credit Facility and Consummation of Related US$250 million Term Loan
TORONTO , June 2, 2015 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global leader in the...
About this update from Celestica Inc.
[{"type":"text","content":"\n\nTORONTO, June 2, 2015 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global leader in the delivery of end-to-end product lifecycle solutions, today announced the preliminary results of its \"modified Dutch auction\" substantial issuer bid (the \"Offer\") to purchase for cancellation up to US$350 million of its subordinate voting shares (\"Shares\"), which expired at 5:00 pm. (Eastern time) on June 1, 2015 and the amendment and restatement of its credit facility to add a US$250 million term loan component thereto.\n\nAll the terms and conditions of the Offer have been complied with and, based on a preliminary count by Computershare Investor Services Inc., as depositary for the Offer (the \"Depositary\"), Celestica expects to take up and pay for approximately 26,315,789 Shares at a purchase price of US$13.30 per Share (the \"Purchase Price\").\n\nThe Shares expected to be purchased under the Offer represent approximately 17.5% of the Shares issued and outstanding prior to giving effect to the Offer. After giving effect to the Offer, the number of issued and outstanding Shares is expected to be approximately 123,951,538.\n\nShareholders of Celestica had the opportunity to tender Shares until 5:00 p.m. (Eastern time) on June 1, 2015, by electing an auction tender at a price of their choice between US$11.70 and US$13.30 per Share (in increments of US$0.10 per Share) or, alternatively, by electing a purchase price tender at which they could sell their Shares at the Purchase Price determined by the Corporation pursuant to the Offer.\n\nApproximately 28,498,588 Shares were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, Celestica will purchase Successfully Tendered Shares (as defined in the Offer) on a pro rata basis following determination of the final results of the Offer, except that \"odd lot\" tenders (of holders beneficially owning fewer than 100 Shares) will not be subject to pro-ration. Celestica expects that tendering shareholders subject to pro-ration will have approximately 92% of their tendered Shares purchased by Celestica under the Offer.\n\nThe number of Shares to be purchased under the Offer, the pro-ration factor and the Purchase Price are preliminary and are subject to verification by the Depositary. Celestica expects to be able to release the final results of the Offer, inc...