Transaction|August 13, 2013
D+H closes C$690.2 million bought deal financing
Torys acted as counsel to the underwriters, led by Scotia Capital, RBC Dominion Securities and CIBC World Markets with a team that included Philip Mohtadi, Josh Lavine, Marko Trivun and Owen Payne (corporate/securities), Christopher Roehrig (U.S. securities), Catrina Card (Canadian tax), Cécile Antier and David Mattingly (U.S. tax).
On August 13, 2013, Davis + Henderson Corporation (D+H) announced that it closed its previously announced prospectus offering of 18,700,000 subscription receipts, at a price of C$21.40 per subscription receipt for gross proceeds of C$400.2 million and C$200 million aggregate principal amount of 6.00% extendible convertible unsecured subordinated debentures.
Concurrently with the closing of the offering, the syndicate of underwriters, co-led by Scotia Capital, RBC Dominion Securities and CIBC World Markets and including BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Credit Suisse Securities (Canada), Inc., Raymond James Ltd., GMP Securities L.P. and Industrial Alliance Securities Inc. exercised their over-allotment option in full to purchase an additional 2,805,000 subscription receipts and an additional C$30 million aggregate principal amount of debentures on the same terms, resulting in total gross proceeds from the offering, including the proceeds from the exercise of the over-allotment option, of approximately C$690.2 million.
The net proceeds of the offering were used to finance a portion of D+H's acquisition of Harland Financial Solutions on August 16, 2013 for approximately US$1.2 billion. Upon completion of the acquisition each subscription receipt was automatically exchanged into one (1) common share of D+H.
D+H is a leading provider of secure and reliable technology solutions to North American financial institutions.
Further information can be found on D+H's website.
Concurrently with the closing of the offering, the syndicate of underwriters, co-led by Scotia Capital, RBC Dominion Securities and CIBC World Markets and including BMO Capital Markets, TD Securities Inc., National Bank Financial Inc., Credit Suisse Securities (Canada), Inc., Raymond James Ltd., GMP Securities L.P. and Industrial Alliance Securities Inc. exercised their over-allotment option in full to purchase an additional 2,805,000 subscription receipts and an additional C$30 million aggregate principal amount of debentures on the same terms, resulting in total gross proceeds from the offering, including the proceeds from the exercise of the over-allotment option, of approximately C$690.2 million.
The net proceeds of the offering were used to finance a portion of D+H's acquisition of Harland Financial Solutions on August 16, 2013 for approximately US$1.2 billion. Upon completion of the acquisition each subscription receipt was automatically exchanged into one (1) common share of D+H.
D+H is a leading provider of secure and reliable technology solutions to North American financial institutions.
Further information can be found on D+H's website.