By Abigail W. Adams
Portland, Me., Jan. 7 – Dirtt Environmental Solutions Ltd. priced C$35 million five-year convertible debentures on Thursday with a coupon of 6% and an initial conversion premium of 50%, according to a company news release.
National Bank Financial Inc. led the syndicate of underwriters for the bought deal, which carries a greenshoe of C$5.25 million.
The debentures are non-callable until Jan. 31, 2024 and then subject to a 125% hurdle. They are freely callable after Jan. 31, 2025.
Proceeds will be used for capital expenditures and general corporate purposes, including the company’s technology innovation and sales and marketing.
Dirtt is a Calgary, Alta.-based customized interior building company.
| Issuer: | Dirtt Environmental Solutions Ltd.
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| Securities: | Convertible debentures
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| Amount: | C$35 million
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| Greenshoe: | C$5.25 million
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| Maturity: | Jan. 31, 2026
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| Bookrunner: | National Bank Financial Inc.
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| Coupon: | 6%
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| Conversion premium: | 50%
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| Conversion price: | C$4.65
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| Conversion rate: | 215.0538
|
| Call options: | Non-callable until Jan. 31, 2024 and then subject to a 125% hurdle; freely callable after Jan. 31, 2025
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 25
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| Distribution: | Off shelf
|
| Stock symbol: | TSX: DRT
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| Stock price: | C$3.10
|
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| Market capitalization: | C$262.51 million
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