Transaction|October 4, 2013
Catlin Group in its C$18.9 million strategic investment in Input Capital Corp., one of the world's first agricultural commodity streaming companies
Torys acted as counsel to Catlin Group Limited with a team that included Mike Amm and Josh Lavine.
On October 4, 2013, Input Capital Corp. (Input) closed its previously announced bought deal public offering of common shares of Input and its previously announced private placement of common shares with two wholly-owned subsidiaries of Catlin Group Limited (Catlin). The aggregate gross proceeds of the offering and private placement are C$37.5 million.
The public offering was conducted by a syndicate of underwriters led by GMP Securities L.P., who purchased, on a bought deal basis, an aggregate of 11,644,055 common shares at a price of C$1.60 per common share for gross proceeds of C$18.6 million.
Under the private placement, Catlin purchased 11,799,633 common shares at a price of C$1.60 per common share for aggregate gross proceeds of C$18.8 million, giving them a 19.99% strategic equity stake in Input.
Input intends to use the net proceeds from both the private placement and the public offerings to enter into canola streaming contracts and for working capital and general corporate purposes.
Input is one of the world's first agricultural commodity streaming companies, making upfront payments to farmers in need of capital in exchange for rights to purchase a specified share in the farmer's canola at a fixed price for an extended period of time.
Catlin is a global specialty property/casualty insurer and reinsurer, writing more than 30 lines of business from hubs in London/UK, Bermuda, the United States, Asia Pacific, Europe, and Canada.
Further information can be found on Canada Newswire's website.
The public offering was conducted by a syndicate of underwriters led by GMP Securities L.P., who purchased, on a bought deal basis, an aggregate of 11,644,055 common shares at a price of C$1.60 per common share for gross proceeds of C$18.6 million.
Under the private placement, Catlin purchased 11,799,633 common shares at a price of C$1.60 per common share for aggregate gross proceeds of C$18.8 million, giving them a 19.99% strategic equity stake in Input.
Input intends to use the net proceeds from both the private placement and the public offerings to enter into canola streaming contracts and for working capital and general corporate purposes.
Input is one of the world's first agricultural commodity streaming companies, making upfront payments to farmers in need of capital in exchange for rights to purchase a specified share in the farmer's canola at a fixed price for an extended period of time.
Catlin is a global specialty property/casualty insurer and reinsurer, writing more than 30 lines of business from hubs in London/UK, Bermuda, the United States, Asia Pacific, Europe, and Canada.
Further information can be found on Canada Newswire's website.