- Exchange Income Corporation (EIF) has closed an upsized $115 million bought deal public offering
- The gross proceeds were approximately $5 million more than initially announced
- The company issued 2.36 million common shares for $48.70 per share
- Net proceeds will be used to service debt until funds for future acquisitions or growth opportunities are required
- Exchange Income is an acquisition-oriented company focused on aerospace and aviation
- Exchange Income Corporation (EIF) is up 1.29 per cent and is trading at $46.40 per share at 3 p.m. ET
Exchange Income Corporation (EIF) has closed an upsized $115 million bought deal public offering.
The company issued 2.36 million common shares for $48.70 per share. The over-allotment option was fully exercised by the underwriters adding roughly $15 million in proceeds.
“The successful completion of the offering will further strengthen our balance sheet, affording us with maximum financial flexibility to continue pursuing our strategic ambitions and strong pipeline of acquisition opportunities,” Mike Pyle, CEO of Exchange Income, said.
Net proceeds will be used to service debt until funds for future acquisitions or growth opportunities are required.
Exchange Income is a diversified acquisition-oriented company, focused on aerospace and aviation services, equipment, and manufacturing. The company stated it uses a disciplined acquisition strategy to identify already profitable, well-established companies with strong management teams, generate steady cash flow, and operate in niche markets.
Exchange Income Corporation (EIF) is up 1.29 per cent and is trading at $46.40 per share at 3 p.m. ET.