Business
Laurentian Bank of Canada announces closing of bought deal offering of subscription receipts
Laurentian Bank of Canada announces closing of bought deal offering of subscription receip...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\n\n\nLaurentian Bank of Canada announces closing of bought deal offering of subscription receipts\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\nLaurentian Bank of Canada announces closing of bought deal offering of subscription receipts\nCanada NewsWire\nMONTREAL, July 20, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nMONTREAL, July 20, 2016 /CNW Telbec/ - Laurentian Bank of Canada (TSX: LB) (Laurentian Bank or the Bank) has announced today that it has completed its previously announced bought deal offering (the Offering) of subscription receipts (the Subscription Receipts).\n\nOn June 29, the Bank entered into an agreement with a syndicate of underwriters (the Underwriters) led by TD Securities Inc. under which the Underwriters agreed to buy, on a bought deal basis, from Laurentian Bank 2,824,000 Subscription Receipts at a price of $47.85 per Subscription Receipt.  Effective at the closing, the Underwriters exercised in full their over-allotment option to acquire an additional 423,600 Subscription Receipts, such that a total of 3,247,600 Subscription Receipts were issued for total gross proceeds of $155,397,660.\n\nProceeds from the Offering will be used to finance a portion of the purchase price for the acquisition of the Canadian equipment financing and corporate financing activities of CIT Group Inc., a portfolio of approximately $1 billion (the Acquisition). The Acquisition is expected to close in the last quarter of the 2016 fiscal year.\n\nEach Subscription Receipt will entitle the holder to the right to receive one common share (Common Share) of the Bank, together with an amount per Subscription Receipt equal to the amount that would have been declared as dividends on the Common Shares issuable on the exchange of such Subscription Receipt. The proceeds from the Offering less 50% of the Underwriters' fee payable on the closing date of the Offering will be held in escrow, pending closing of the Acquisition. If the Acquisition closes on or before December 15...