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goeasy Ltd. Announces Pricing of Previously Announced Offering of Senior Unsecured Notes and Upsizing to US$200 Million
goeasy Ltd. Announces Pricing of Previously Announced Offering of Senior Unsecured Notes and Upsi...
About this update from Goeasy Ltd.
[{"type":"text","content":"\n \n \n \n goeasy Ltd. Announces Pricing of Previously Announced Offering of Senior Unsecured Notes and Upsizing to US$200 Million\n \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 \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n July 22, 2024\n \n \n /CNW/ -\n \n goeasy Ltd.\n \n (TSX: GSY) (\"\n \n \n goeasy\n \n \n \" or the \"\n \n Company\n \n \"), one of\n \n Canada's\n \n leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit, is pleased to announce that it priced\n \n US$200 million\n \n aggregate principal amount of 7.625% senior unsecured notes due 2029 (the \"\n \n New\n \n \n Notes\n \n \"), an increase from the previously announced transaction size of\n \n US$150 million\n \n . The New Notes will be issued at a price of\n \n US$1,018.75\n \n per\n \n US$1,000\n \n principal amount, plus accrued interest from\n \n July 1, 2024\n \n . The New Notes have substantially identical terms (other than issuance price, date of issuance and the date from which interest initially accrues) as, and will be treated as a single series with, the Company's 7.625% unsecured notes due 2029 issued on\n \n February 23, 2024\n \n (together with the New Notes, the \"\n \n Notes\n \n \"). An aggregate of\n \n US$600 million\n \n principal amount of Notes will be outstanding after closing of the offering.\n \n \n Concurrently with the offering, goeasy expects to enter into a currency swap agreement (the \"\n \n Currency Swap\n \n \") to fix the foreign currency exchange rate for the proceeds from the offering, which it expects will reduce the effective cost of borrowing of the New Notes when converted into Canadian currency.\n \n \n The New Notes will be guaranteed on a senior unsecured basis by certain of goeasy's current and future subsidiaries.\n \n \n goeasy estimates the net proceeds from the offering will be approximately\n \n C$275.8 million\n \n , based on the Bank of\n \n Canada\n \n daily rate on\n \n July 19, 2024\n \n for the Canadian dollar/U.S. dollar exchange rate, after d...