Business
goeasy Ltd. Announces Proposed Offering of US$350 Million and C$150 Million of Senior Unsecured Notes
goeasy Ltd. Announces Proposed Offering of US$350 Million and C$150 Million of Senior Unsecured N...
About this update from Goeasy Ltd.
[{"type":"text","content":"\n\n\n\n goeasy Ltd. Announces Proposed Offering of US$350 Million and C$150 Million of Senior Unsecured Notes\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.prntaj{\nTEXT-ALIGN: JUSTIFY\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 Oct. 21, 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 plans to offer, subject to market and other conditions,\n \n US$350 million\n \n aggregate principal amount of senior unsecured notes (the \"\n \n USD Notes\n \n \") and\n \n C$150 million\n \n aggregate principal amount of senior unsecured notes (together with the USD Notes, the \"\n \n Notes\n \n \").\n \n\n The actual terms of the Notes, including interest rate, will depend on market conditions at the time of pricing. 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 of the USD Notes.\n \n\n goeasy intends to use the net proceeds from the sale of the Notes to fund a cash tender offer (the \"\n \n Tender Offer\n \n \") to purchase any and all of its outstanding 4.375% senior unsecured notes due 2026 (the \"\n \n 2026 Notes\n \n \"), partially repay indebtedness under its secured facilities and for general corporate purposes. The completion of the offering of the Notes is not contingent upon the consummation of the Tender Offer. This press release shall not constitute an offer to purchase any 2026 Notes.\n \n\n The Notes are expected to be guaranteed on a senior unsecured basis by certain of goeasy's current and future subsidiaries.\n \n\n The Notes and related guarantees have not been and will not be registered under the Securities Act of 1933, as amended (the \"\n \n Securities Act\n \n \"), or any state securities laws, and the Notes may not be offere...