- NFI Group (NFI) has closed its C$450M bought-deal financing
- It intends to use the proceeds to reduce the outstanding balance under its senior credit facilities
- The lower debt load will see the company through supply chain disruptions over the next two years
- NFI Group is focused on the electrification of mass mobility with electric vehicles operating or on order in more than 80 cities in five countries
- NFI (NFI) closed up by 0.29 per cent trading at $20.47 per share
NFI Group (NFI) has closed its C$450M bought-deal financing.
It issued 6,110,000 common shares priced at $24.55 per share and $300M in convertible unsecured debentures.
The debentures yield 5 per cent per year, carry a conversion price of $33.15 per share and will mature on January 15, 2027.
As previously announced, the company intends to use the proceeds to reduce the outstanding balance under its senior credit facilities.
Reduced borrowings – together with facility amendments regarding total leverage ratio and interest coverage ratio – will provide NFI with greater flexibility to navigate ongoing supply chain disruptions over fiscal 2022 and 2023.
The over-allotment option includes 916,500 shares and an additional $45 million in debentures.
BMO Capital Markets, CIBC World Markets, National Bank Financial and Scotiabank led the offering.
NFI Group is focused on the electrification of mass mobility with electric vehicles operating or on order in more than 80 cities in five countries.
NFI (NFI) closed up by 0.29 per cent trading at $20.47 per share.