Student Transportation closes C$85 million bought deal offering

On August 16, 2016, Student Transportation Inc. (STI) closed its offering of 5.25% convertible unsecured subordinated debentures due September 30, 2021 at a price of C$1,000 per debenture for total gross proceeds of C$85 million.

The offering was completed on a bought deal basis and underwritten by a syndicate of underwriters led by National Bank Financial Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc., and including Raymond James Ltd. and TD Securities Inc.

STI intends to use the net proceeds from the offering to initially repay indebtedness under the company's credit facilities and for general corporate purposes. The majority of the proceeds of the offering will ultimately be used to fund the redemption of the STI's 6.25% US convertible subordinated debentures maturing on June 30, 2018.

STI is North America's largest and most trusted provider of school bus transportation solutions, operating more than 13,500 vehicles.

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