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.
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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.
