Brokered offering slated to fund growth initiatives, working capital
By Devika Patel
Knoxville, Tenn., June 16 – Savaria Corp. said it settled a C$20.28 million private placement of stock. The deal priced on May 26 and was increased to C$17.65 million with a C$2.65 million greenshoe from C$15.6 million with a C$2.34 million greenshoe on May 27.
The company sold 2.6 million common shares at C$7.80 each. The price per share is a 5.11% discount to C$8.22, the May 25 closing share price.
Settlement is expected on June 16.
The deal was conducted on a bought-deal basis by a syndicate of underwriters led by Cormark Securities Inc. and National Bank Financial Inc. and including Clarus Securities Inc., Laurentian Bank Securities Inc. and PI Financial Corp.
Proceeds will be used for growth initiatives and general corporate and working capital purposes.
Based in Laval, Quebec, Savaria distributes mobility products for the physically challenged.
| Issuer: | Savaria Corp.
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| Issue: | Common stock
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| Amount: | C$20.28 million, including C$2.63 million greenshoe
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| Shares: | 2.6 million
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| Price: | C$7.80
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| Warrants: | No
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| Underwriters: | Cormark Securities Inc. and National Bank Financial Inc. (leads), Clarus Securities Inc., Laurentian Bank Securities Inc. and PI Financial Corp.
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| Pricing date: | May 26
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| Upsized: | May 27
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| Settlement date: | June 16
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| Stock symbol: | Toronto: SIS
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| Stock price: | C$8.22 at close May 25
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| Market capitalization: | C$262.09 million
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