By Sheri Kasprzak
Atlanta, Oct. 14 - Aecon Group Inc. priced C$25 million in five-year unsecured subordinated convertible debentures to yield 8.25% with a C$7.50 conversion price.
GMP Securities and Paradigm Capital Inc. are lead managers of the underwritten private placement.
The offering has a C$5 million greenshoe.
Toronto-based Aecon is a construction and infrastructure development company. The company plans to use the proceeds from the transaction to repay debt due at the end of the year, to finance several large projects, to strengthen its financial position and for working capital.
| Issuer: | Aecon Group Inc.
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| Issue: | Unsecured subordinated convertible debentures
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| Amount: | C$25 million
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| Greenshoe: | C$5 million
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| Maturity: | Nov. 2, 2009
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| Coupon: | 8.25%
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| Price: | Par
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| Yield: | 8.25%
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| Conversion price: | C$7.50
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| Call: | Nov. 2, 2007 onwards at par subject to 125% hurdle
|
| Warrants: | No
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| Managers: | GMP Securities Ltd. and Paradigm Capital Inc. (joint leads); Canaccord Capital Corp.
|
| Settlement date: | Nov. 2
|
| Stock price: | C$6 at close Oct. 14
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