• goeasy (GSY) has announced a C$50 million bought-deal offering
  • A syndicate of underwriters has agreed to purchase 425,000 common shares at C$118.50 per share
  • The offering is expected to close on or about November 21, 2022
  • The net proceeds will be used to support the growth of the company’s consumer loan portfolio and for general corporate purposes
  • goeasy Ltd. provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands
  • goeasy Ltd. (GSY) opened trading at C$123.76

goeasy (GSY) has announced a C$50 million bought-deal offering to support the company’s accelerated growth.

A syndicate of underwriters led by BMO Capital Markets has agreed to buy on a bought deal basis 425,000 common shares at C$118.50 per share for gross proceeds of C$50 million.

The underwriters have been granted the option to purchase up to an additional 15 per cent of the offering.

The offering is expected to close on or about November 21, 2022.

goeasy intends to use the net proceeds to support the growth of the company’s consumer loan portfolio and for general corporate purposes.

Jason Mullins, President and Chief Executive Officer, commented on the capital raise.

“We are currently producing an accelerated rate of growth, complemented by stable consumer credit performance, with 117% year over year loan growth in our most recent quarter resulting in record earnings. By issuing a modest amount of additional equity, we significantly increase our balance sheet capacity and improve our leverage profile, allowing us to utilize our $1.12 billion of available liquidity to continue executing our growth plan. As such, the business is now positioned to exceed the high end of our forecast for the consumer loan portfolio in future years, and we have the flexibility to capitalize on available growth opportunities in the market. We anticipate the Offering to be accretive to our adjusted earnings per share in the second half of 2023 and beyond.”

goeasy Ltd., a Canadian company, provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands.

goeasy Ltd. (GSY) opened trading at C$123.76.


More From The Market Online

Market Open: Amazon and Alphabet plunge, Cohere set to scale | Oct 30

TSX futures slipped before Friday's market open, with investors digesting the fallout of the Bank of Canada's rate hike on Wednesday.

Market Open: Alphabet Plunges 10% as Microsoft and Oracle Rally | Oct 29th

Alphabet fell 10% in its biggest-ever value drop while Microsoft rose 5% and Oracle soared on AI spending payoff promises.

Bank of Canada raises policy rate by 25 basis points to 2.5%

The Bank of Canada raised its key interest rate by 25 basis points to 2.5%, inflation concerns and higher energy prices were main reasons.