AutoCanada Inc. (TSX: ACQ) announced this morning that its private placement offering of $125 million in additional 8.75% senior notes due February 11, 2025 closed today. Following this, the total principal amount outstanding on the February 2025 notes sits at $250 million.
The company announced this additional offering of senior notes earlier this month, which originally was for a total of $100.0 million in senior unsecured notes. The offering was upsized to $125.0 million and priced at 106.625% the next day.
As AutoCanada previously announced, proceeds of the offering will be used to reduce the outstanding balance under its credit facility and for general corporate purposes, including acquisitions.
AutoCanada Inc. last traded at $43.29 on the TSX.
Information for this briefing was found via Sedar and AutoCanada Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.