Source: StorageVault Canada
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.


More From The Market Herald

" @ the Bell: Tech leads TSX comeback

It was another rocky day for Canada’s main stock index that ultimately ended up in the green thanks to a lead powered by
Geomega Resources - President & CEO, Kiril Mugerman

" Geomega Resources (TSXV:GMA) granted $3M for recycling demo plant

Geomega Resources (GMA) has been awarded a $3 million grant from the government of Quebec’s Technoclimat Program.
First Hydrogen Corp. - CEO of Automotive, Steve Gill.

" First Hydrogen (TSXV:FHYD) unveils next gen FCEV images

First Hydrogen (FHYD) has received the initial Generation II images for its hydrogen fuel cell vehicle (FCEV), designed in collaboration with EDAG Group.
The Tugaske Project.

" Gensource Potash (TSXV:GSP) closes non-brokered private placement

Gensource Potash Corporation (GSP) has closed its previously announced non-brokered private placement of units and flow-through common shares.