By Devika Patel
Knoxville, Tenn., April 15 - Student Transportation of America Ltd. announced it plans to conduct a C$50 million private placement of stock.
The company plans to sell 8,266,779 common shares to two investors. The first investor, SNCF Participations SA, will buy C$40 million of the shares. The second investor is the Caisse de dépôt et placement du Québec, which is purchasing C$10 million of the common shares.
SNCF will buy 6,557,377 shares at C$6.10 per share; the Caisse is purchasing 1,709,402 shares at C$5.85 apiece.
Proceeds will be used to fund future growth opportunities, including acquisitions, new contract bids and conversions and to repay amounts outstanding under its growth credit facility.
Student Transportation is a school bus operator based in Toronto.
| Issuer: | Student Transportation of America Ltd.
|
| Issue: | Common shares
|
| Amount: | C$50 million
|
| Shares: | 8,266,779
|
| Price: | C$6.10 (for 6,557,377 shares), C$5.85 (for 1,709,402 shares)
|
| Warrants: | No
|
| Investors: | SNCF Participations SA (for C$40 million), Caisse de dépôt et placement du Québec (for C$10 million)
|
| Pricing date: | April 14
|
| Stock symbol: | Toronto: STB
|
| Stock price: | C$5.80 at close April 14
|
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