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Exchange Income Corporation Announces Closing of $100 Million Debenture Offering
Exchange Income Corporation Announces Closing of $100 Million Debenture Offering C...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Announces Closing of $100 Million Debenture Offering\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\nWINNIPEG, Dec. 20, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nWINNIPEG, Dec. 20, 2017 /CNW/ - Exchange Income Corporation (TSX: EIF) (the \"Corporation\") announced today that it has closed its previously announced bought deal offering (the \"Offering\") of 5 Year 5.25% Convertible Unsecured Subordinated Debentures due December 31, 2022 (the \"Debentures\").  At the closing of the Offering, the Corporation issued $100,000,000 principal amount of Debentures to the underwriters of the Offering.\n\nThe Offering was co-led by National Bank Financial Inc., Laurentian Bank Securities Inc. and CIBC World Markets Inc. and included BMO Capital Markets, RBC Capital Markets Inc., Scotiabank, TD Securities Inc., Cormark Securities Inc., Raymond James Ltd., AltaCorp Capital Inc., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.\n\nThe Corporation intends to use the net proceeds of the Offering to fund the redemption of the 7 year 5.50% convertible senior unsecured debentures maturing on September 30, 2019 (the \"September 2012 Debentures\") and to repay indebtedness under its credit facility. The Corporation issued a notice of redemption to the holders of the September 2012 Debentures on December 7, 2017 to redeem all issued and outstanding September 2012 Debentures on January 11, 2017 (the \"Redemption Date\") at a redemption price equal to their principal amount, plus accrued and unpaid interest thereon up to, but excluding, the Redemption Date. Holders of the September 2012 Debentures have the option to convert such debentures into common shares of the Corporation prior to the Redemption Date.\n\nThe Debentures are listed for trading on the Toronto Stock Exchange under the symbol \"EIF.DB.I\". \n\nAbout Exchange Income Corporation\n\nExchange Income Corporation is a diversified acquisition-oriented company,...