Student Transportation of America completes US$45 million convertible debt offering
October 26, 2009, Student Transportation of America Ltd. (Student Transportation) announced that it has closed its offering of 7.5% convertible subordinated unsecured debentures due October 31, 2014 at a price of C$1,000 per debenture for total gross proceeds of C$45 million. The offering was underwritten by a syndicate of underwriters led by BMO Nesbitt Burns Inc. and includes CIBC World Markets Inc., Scotia Capital Inc., Cormark Securities Inc., Wellington West Capital Markets Inc., National Bank Financial Inc. and Raymond James Ltd.
The net proceeds from the offering will be used to fund redemption of 14% subordinated notes and for general corporate purposes.
Student Transportation, headquartered in Wall, New Jersey, is the fourth-largest provider of school bus transportation services in North America, conducting operations through local operating subsidiaries. The company currently operates more than 5,600 school vehicles in North America.
Further information is found on Student Transportation's website.