Deal funds growth initiatives, working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., May 13 – Savaria Corp. said it the underwriters for its private placement of units opted to exercise the deal’s C$1.88 million greenshoe in full, lifting total proceeds to C$14.38 million. The deal priced for C$12.5 million with the greenshoe on April 21.
The company sold 2,875,000 common shares at C$5.00 per share on a bought-deal basis. The price per share reflects an 8.26% discount to the April 20 closing share price of C$5.45. Of the shares, 375,000 were part of the fully exercised greenshoe.
The deal was conducted by a syndicate of underwriters led by Cormark Securities Inc. and including PI Financial Corp, National Bank Financial Inc. and Laurentian Bank Securities Inc.
Proceeds will be used for growth initiatives and for general corporate and working capital purposes.
Based in Laval, Quebec, Savaria distributes mobility products for the physically challenged.
| Issuer: | Savaria Corp.
|
| Issue: | Common stock
|
| Amount: | C$14,375,000, including C$1,875,000 greenshoe
|
| Shares: | 2,875,000
|
| Price: | C$5.00
|
| Warrants: | No
|
| Underwriter: | Cormark Securities Inc. (lead), PI Financial Corp, National Bank Financial Inc. and Laurentian Bank Securities Inc.
|
| Pricing date: | April 21
|
| Settlement date: | May 13
|
| Stock symbol: | Toronto: SIS
|
| Stock price: | C$5.45 at close April 20
|
| Market capitalization: | C$155.82 million
|
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