Transaction|February 22, 2011
GMP Capital completes C$100 million offering of cumulative rate reset preferred shares
Torys acted as counsel to the underwriters with a team that included Kevin Morris, Adam Armstrong, Alison Harnick and Leah Frank.
On February 22 , 2011, GMP Capital Inc. (GMP) (TSX: GMP) completed its previously announced offering of 4,000,000 Cumulative 5-Year Rate Reset Preferred Shares, Series B (Series B Shares) at a price of C$25.00 per Series B Share for aggregate gross proceeds to GMP of C$100 million. The Series B Shares commenced trading on the TSX under the symbol "GMP.PR.B."
The offering was underwritten on a bought deal basis by a syndicate co-led by National Bank Financial Inc., GMP Securities L.P. and Scotia Capital Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.
GMP has granted to the underwriters an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional 600,000 Series B Shares which, if exercised in full, would increase the gross proceeds to C$115 million.
GMP intends to use the net proceeds from the offering for general corporate purposes. The Series B Shares have not been and will not be registered under the U.S. Securities Act.
GMP Capital, headquartered in Toronto, is an investment dealer serving corporate, institutional and individual clients.
Further information is found about this transaction is found on the website of GMP Capital.
The offering was underwritten on a bought deal basis by a syndicate co-led by National Bank Financial Inc., GMP Securities L.P. and Scotia Capital Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd. and Wellington West Capital Markets Inc.
GMP has granted to the underwriters an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional 600,000 Series B Shares which, if exercised in full, would increase the gross proceeds to C$115 million.
GMP intends to use the net proceeds from the offering for general corporate purposes. The Series B Shares have not been and will not be registered under the U.S. Securities Act.
GMP Capital, headquartered in Toronto, is an investment dealer serving corporate, institutional and individual clients.
Further information is found about this transaction is found on the website of GMP Capital.