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Exchange Income Corporation Announces Closing of Offering of Debentures
Exchange Income Corporation Announces Closing of Offering of Debentures Exchange I...
About this update from Exchange Income Corporation
[{"type":"text","content":"\n\n\n\nExchange Income Corporation Announces Closing of Offering of Debentures\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\nExchange Income Corporation Announces Closing of Offering of Debentures\nCanada NewsWire\nWINNIPEG, June 7, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nWINNIPEG, June 7, 2016 /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 5.25% Convertible Unsecured Subordinated Debentures due June 30, 2023 (the \"Debentures\").  At the closing of the Offering, the Corporation issued $69,000,000 principal amount of Debentures to the underwriters of the Offering. This amount includes the exercise of the entire $9,000,000 over-allotment option granted to the underwriters for 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., 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 initially repay indebtedness under its credit facility which will then be available to be drawn, as required, to fund the redemption of the Series J convertible senior secured debentures of the Corporation (the \"Series J Debentures\") and for general corporate purposes. The Corporation issued a notice of redemption to the holders of the Series J Debentures on May 17, 2016 to redeem all issued and outstanding Series J Debentures on June 30, 2016 (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 Series J 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 th...