Skip to main content
This website uses cookies. By continuing to use this website you are agreeing to our use of cookies as described in our privacy policy.
Client Work

Groupe Aeroplan closes US$167.1 million offering of cumulative rate reset preferred shares

Reading Time 1 minute read Subscribe

Groupe Aeroplan

On January 20, 2010, Groupe Aeroplan Inc. (AER: TSX) announced that it had closed its previously announced bought deal public offering of 6,000,000 cumulative rate reset preferred shares, Series 1 (the "Series 1 Preferred Shares") for gross proceeds of $150 million, purchased by a syndicate of underwriters led by CIBC, RBC Dominion Securities Inc. and TD Securities Inc., acting as co-Bookrunners. On January 26, 2010, Groupe Aeroplan announced the successful closing of the previously announced exercise of the over-allotment option to purchase an additional 900,000 Series 1 Preferred Shares at a purchase price of $25.00 per share. The net proceeds of the exercise of the over-allotment option represent $21.8 million and will bring the aggregate net proceeds of the offering of Series 1 Preferred Shares to approximately $167.1 million. $140 million of such proceeds were used to repay indebtedness under the Corporation's revolving credit facility and the balance of $27.1 million will be used for general corporate purposes. The underwriters were advised in this transaction by Fasken Martineau with a team that included Peter Villani, Gilles Leclerc, Catherine Isabelle, Jean François-Séguin and Gilles Carli (tax).


    Receive email updates from our team