- NFI Group (NFI) has increased the size of its bought deal offering of unsecured convertible debentures from C$250 million to C$300 million
- This offering is concurrent to $150 million offering of common shares
- The offering is being led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and Scotiabank
- The offering is expected to close on or about December 2, 2021
- NFI is a leader in zero-emission mobility, with electric vehicles operating in more than 80 cities in five countries
- NFI Group Inc. (NFI) opened trading at C$25.69 per share
NFI Group (NFI) has increased the size of its bought deal offering of unsecured convertible debentures from C$250 million to C$300 million.
The debentures are priced at $1,000 with an interest rate of 5.0 per cent per annum and a conversion price of $33.15 per common share. The debentures will mature on January 15, 2027.
The net proceeds from the offering, along with the net proceeds from the concurrent previously announced $150 million offering of common shares will be used to reduce the outstanding balance under the company’s senior credit facilities.
The offering is being made through a syndicate of underwriters led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and Scotiabank. The company has granted the underwriters an over-allotment option to purchase up to an additional 916,500 common shares at a price of C$24.55 per share and an option to purchase up to an additional C$45 million principal amount of debentures. Both over-allotment options are exercisable in whole or in part at any time up to 30 days following the closing of the offering.
The common shares and debentures will be offered by the underwriters for resale to the public by way of a short-form prospectus. The common shares and debentures may also be offered by way of private placement in the United States pursuant to applicable registration exemptions.
The offering is expected to close on or about December 2, 2021, and is subject to the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.
NFI is a leader in zero-emission mobility, with electric vehicles operating in more than 80 cities in five countries. The company’s vehicles have completed over 50 million EV service miles.
NFI Group Inc. (NFI) opened trading at C$25.69 per share.
