Source: StorageVault Canada.
  • StorageVault Canada (SVI) has completed its previously-announced offering of convertible senior unsecured debentures.
  • The offering of convertible senior unsecured debentures was executed with a syndicate of underwriters on a bought-deal basis
  • A total of $100 million aggregate principal amount of debentures were issued at a price of $1,000 per debenture under the offering
  • StorageVault Canada Inc. owns and operates 238 storage locations across Canada
  • StorageVault Canada Inc. was down 0.672 per cent, trading at $5.91 at 10:23 AM ET

StorageVault Canada (SVI) has completed its previously-announced offering of convertible senior unsecured debentures.

The offering of convertible senior unsecured debentures was executed with a syndicate of underwriters on a bought-deal basis.

The underwriters were led by Scotia Capital Inc. and included CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Raymond James Ltd.

A total of $100 million aggregate principal amount of debentures were issued at a price of $1,000 per debenture under the offering.

StorageVault has also granted the underwriters an option to purchase up to an additional $15 million aggregate principal amount of debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following the closing of the offering.

Concurrent with the closing of the offering, StorageVault completed its previously-announced private placement of $50 million aggregate principal amount of debentures to an institutional investor under the same terms and conditions as the offering.

The debentures bear interest at an annual rate of 5.00 per cent, payable semi-annually in arrears on the last day of March and September of each year, with the first interest payment on March 31, 2023.

The debentures issued regarding the offering are expected to commence trading on the Toronto Stock Exchange under the symbol “SVI.DB.C” on January 9, 2023.

The company intends to use the net proceeds of the offering and the private placement to repay existing indebtedness, fund potential future acquisition opportunities and for general corporate purposes.

StorageVault Canada Inc. owns and operates 238 storage locations across Canada.

StorageVault Canada Inc. was down 0.672 per cent, trading at $5.91 at 10:23 AM ET.


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