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Exchange Income Corporation Announces Closing of $86,250,000 Debenture Offering Including the Full Exercise of Over-Allotment Option
Exchange Income Corporation Announces Closing of $86,250,000 Debenture Offering Including ...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Announces Closing of $86,250,000 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, March 26, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n WINNIPEG, March 26, 2019 /CNW/ - Exchange Income Corporation (TSX: EIF) (the \"Corporation\" or \"EIC\") announced today that it has closed its previously announced bought deal offering (the \"Offering\") of 7 Year 5.75% convertible unsecured subordinated debentures due March 31, 2026 (the \"Debentures\").  At the closing of the Offering, the Corporation issued $86,250,000 principal amount of Debentures to the underwriters of the Offering, which includes the exercise of the full $11,250,000 over-allotment option granted to the underwriters.\nMichael Pyle, Chief Executive Officer of the Corporation, stated \"EIC has always been committed to maintaining a strong balance sheet, including accessing the public markets when appropriate. This successful offering further strengthens our balance sheet. The full overallotment on this offering was exercised, which marks the fifth consecutive time our securities offerings have resulted in the overallotment option being exercised or the deal size increased. We are very pleased with yet another oversubscribed offering highlighting the market demand for EIC securities.\"\nThe Offering was co-led by National Bank Financial Inc., CIBC Capital Markets and Laurentian Bank Securities Inc., and included Raymond James Ltd., RBC Capital Markets, Scotiabank, TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Wellington-Altus Private Wealth Inc., AltaCorp Capital Inc., Cormark Securities Inc., Industrial Alliance Securities Inc. and Macquarie Capital Markets Canada Ltd.\nThe Debentures are listed for trading on the Toronto Stock Exchange under the symbol \"EIF.DB.K\".\nThe Corporation intends to use the net proceeds of the Offering to fund the redemption of its outs...