Transaction|September 8, 2011
WiLAN completes C$200 million offering of convertible debentures
Torys acted as counsel to WiLAN with a team that included John Emanoilidis, Michael Zackheim and Mohammed Muraj (corporate/securities), Andy Beck and Tim Martin (U.S. securities), Andrew Wong and Saira Bhojani (Canadian tax), Peter Keenan and Ari Feder (U.S. tax).
On August 17, 2011, WiLAN (TSX: WIN) (NASD:WILN) announced that it would make a formal all-cash offer to acquire all the outstanding common shares of MOSAID Technologies Incorporated (MOSAID) for approximately C$480 million. On September 8, 2011, WiLAN completed its previously announced sale of C$200 million aggregate principal amount of extendible convertible unsecured subordinated debentures (the Debentures) on a bought deal basis to a syndicate of underwriters co-led by Canaccord Genuity Corp. and CIBC World Markets Inc. and including Paradigm Capital Inc., National Bank Financial Inc., Fraser Mackenzie Limited and NCP Northland Capital Partners Inc. in order to partially finance its all-cash offer for the outstanding common shares of MOSAID.
WiLAN also granted the underwriters an option, exercisable in whole or in part at any time not later than the earlier of (i) October 8, 2011 and (ii) the occurrence of a Termination Event (as described in WiLAN's short from prospectus dated September 2, 2011), to purchase up to an additional C$30 million aggregate principal amount of Debentures on the same terms. The Debentures have an interest rate of 6.00% per annum payable semi-annually in arrears on September 30 and March 31 in each year, with the first coupon is payable on the third business day following WiLAN's initial take-up of the common shares of MOSAID.
WiLAN, headquartered in Ottawa, Ontario, is a leading technology innovation and licensing company.
Further information is found on Marketwire.
WiLAN also granted the underwriters an option, exercisable in whole or in part at any time not later than the earlier of (i) October 8, 2011 and (ii) the occurrence of a Termination Event (as described in WiLAN's short from prospectus dated September 2, 2011), to purchase up to an additional C$30 million aggregate principal amount of Debentures on the same terms. The Debentures have an interest rate of 6.00% per annum payable semi-annually in arrears on September 30 and March 31 in each year, with the first coupon is payable on the third business day following WiLAN's initial take-up of the common shares of MOSAID.
WiLAN, headquartered in Ottawa, Ontario, is a leading technology innovation and licensing company.
Further information is found on Marketwire.