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ShawCor Ltd. announces closing of previously announced $200 million offering of common shares
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
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[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nSHAWCOR LTD.(TSX: SCL)\n\n\n\nTORONTO, Sept. 19, 2014 /CNW/ - ShawCor Ltd. (\"ShawCor\" or the \"Company\") (TSX: SCL), announced today that it has closed its previously announced bought public offering of 3,650,000 common shares (the \"Shares\") at a price of CAD$54.85 per Share (the \"Offering\") for gross proceeds of CAD$200,202,500.\n\nThe bought public offering was underwritten by a syndicate led by TD Securities Inc. and included Cormark Securities Inc., RBC Dominion Securities Inc., AltaCorp Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc. (collectively, the \"Underwriters\").\n\nIn addition, ShawCor has granted the underwriters an option to purchase, in whole or part, up to an additional 547,500 common shares at the Offering price to cover over-allotments, if any, for a period of 30 days following the closing of the Offering. If the over-allotment option is exercised in full, gross proceeds from the Offering will be CAD$230,232,875. \n\nThe Company will use the net proceeds from the Offering for general corporate purposes, including to repay a portion of its outstanding revolving debt in the normal course in order to create debt availability to fund future corporate investments, which may potentially include future acquisitions.\n\nThis press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.\n\nAbout ShawCor Ltd.\n\nShawCor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The Company now operates through nine divisions with over ninety manufacturing and service facilities located around the world.\n\nNote Regarding Forward-Looking Statements \n\nCert...