Opérations et transactions|10 novembre 2011
Capstone Infrastructure completes C$75 million offering of common shares
Torys acted as counsel to the underwriters with a team that included Philip Symmonds, Rima Ramchandani, Alison Harnick, Gabi Mandowsky, Miranda Callaghan (corporate), Andrew Wong (tax) and Michael Fortier (environmental).
On November 10, 2011, Capstone Infrastructure Corporation (TSX: CSE) (Capstone) announced that it has closed its previously announced offering of 12 million common shares (the Common Shares) at a price of $6.25 per Common Share for aggregate gross proceeds of C$75 million.
The Common Shares were sold to a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets on a bought deal basis. The underwriters are entitled, pursuant to an over-allotment option exercisable in whole or in part at any time up until 30 days after the closing date, to purchase an additional 1.8 million Common Shares at C$6.25 per Common Share which, if exercised in full, would increase the gross proceeds of the offering to C$86.25 million.
The net proceeds of the offering will be used by the Corporation to repay a portion of the amount drawn on a senior credit facility used to fund Capstone's recent acquisition of a 70% indirect interest in Bristol Water, a regulated water utility in the United Kingdom, thereby mitigating the risk related to refinancing the senior credit facility while increasing Capstone's financial flexibility to pursue additional growth opportunities.
Capstone Infrastructure, formerly Macquarie Power and Infrastructure Corporation, is engaged in power infrastructure, with two company segments: Power infrastructure and Social infrastructure.
Further information can be found on Capstone's website.
The Common Shares were sold to a syndicate of underwriters co-led by TD Securities Inc. and RBC Capital Markets on a bought deal basis. The underwriters are entitled, pursuant to an over-allotment option exercisable in whole or in part at any time up until 30 days after the closing date, to purchase an additional 1.8 million Common Shares at C$6.25 per Common Share which, if exercised in full, would increase the gross proceeds of the offering to C$86.25 million.
The net proceeds of the offering will be used by the Corporation to repay a portion of the amount drawn on a senior credit facility used to fund Capstone's recent acquisition of a 70% indirect interest in Bristol Water, a regulated water utility in the United Kingdom, thereby mitigating the risk related to refinancing the senior credit facility while increasing Capstone's financial flexibility to pursue additional growth opportunities.
Capstone Infrastructure, formerly Macquarie Power and Infrastructure Corporation, is engaged in power infrastructure, with two company segments: Power infrastructure and Social infrastructure.
Further information can be found on Capstone's website.