Transaction|October 1, 2012
Extendicare Inc. completes C$126.5 million offering of convertible unsecured subordinated debentures
Torys acted as counsel to the syndicate of underwriters with a team that included Philip Mohtadi, Simon Knowling, Robbie Leibel, Christine Hunter, Dan Doubilet, Eliza Jiang and Mark Di Giovanni (corporate/securities), Miriam Levin (real estate), Gavin Scotti (U.S. real estate) and Grace Pereira (tax).
On September 25, 2012, Extendicare Inc. (Extendicare) completed its previously announced public offering of C$110 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures due September 30, 2019 (the Debentures). The Debentures were sold to a syndicate of underwriters led by RBC Dominion Securities Inc. on a bought deal basis. The Debentures are listed for trading on the TSX under the symbol "EXE.DB.B".
On October 1, 2012, Extendicare announced the closing of its public offering of an additional C$16.5 million aggregate principal amount of Debentures pursuant to the underwriters' over-allotment option., which increased the total gross proceeds of the offering to C$126.5 million.
The net proceeds of the offering will be used primarily to redeem Extendicare's outstanding 7.25% convertible unsecured subordinated debentures due June 30, 2013. The balance of the net proceeds will be used for general corporate purposes.
Further information can be found on Marketwire's website.
On October 1, 2012, Extendicare announced the closing of its public offering of an additional C$16.5 million aggregate principal amount of Debentures pursuant to the underwriters' over-allotment option., which increased the total gross proceeds of the offering to C$126.5 million.
The net proceeds of the offering will be used primarily to redeem Extendicare's outstanding 7.25% convertible unsecured subordinated debentures due June 30, 2013. The balance of the net proceeds will be used for general corporate purposes.
Further information can be found on Marketwire's website.