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Exchange Income Corporation Announces Closing of $80.5 Million Debenture Offering Including the Full Exercise of Over-Allotment Option
Exchange Income Corporation Announces Closing of $80.5 Million Debenture Offering Includin...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Announces Closing of $80.5 Million Debenture Offering Including the Full Exercise of Over-Allotment Option\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, June 26, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nWINNIPEG, June 26, 2018 /CNW/ - Exchange Income Corporation (TSX: EIF) (the \"Corporation\") announced today that it has closed its previously announced bought deal offering (the \"Offering\") of 7 Year 5.35% Convertible Unsecured Subordinated Debentures due June 30, 2025 (the \"Debentures\").  At the closing of the Offering, the Corporation issued $80,500,000 principal amount of Debentures to the underwriters of the Offering, which includes the exercise of the full $10,500,000 over-allotment option granted to the underwriters.\n\nTamara Schock, Chief Financial Officer of the Corporation, stated that \"We are very pleased with the demand for this Offering.  It marks the third securities offering, common shares or convertible debentures, in the last 18 months where market demand has exceeded the offering and resulted in the underwriters exercising the over-allotment option or the offering being upsized.  The proceeds of the Offering will be used primarily to redeem the series EIF.DB.F debentures maturing on March 31, 2020. We will have no further maturities of any convertible debentures or syndicated bank financing until 2021 and will have the necessary available capital to fund our growing operations for the foreseeable future.\"\n\nThe Offering was co-led by National Bank Financial Inc., Laurentian Bank Securities Inc. and CIBC Capital Markets and included Cormark Securities Inc., Raymond James Ltd., RBC Capital Markets, Scotiabank, TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., AltaCorp Capital Inc., Macquarie Capital Markets Canada Ltd. and Wellington-Altus Private Wealth Inc.\n\nThe Corporation intends to use the net proceeds of the Offering to fund the rede...