ShawCor Ltd. has announced that it has closed its previously announced bought public offering of 3 650 000 common shares at a price of CDN$ 54.85 per Share for gross proceeds of CDD$ 200 202 500.
The bought public offering was underwritten by a syndicate led by TD Securities Inc. and included Cormark Securities Inc., RBC Dominion Securities Inc., AltaCorp Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and Scotia Capital Inc.
In addition, ShawCor has granted the underwriters an option to purchase, in whole or part, up to an additional 547 500 common shares at the Offering price to cover over-allotments, if any, for a period of 30 days following the closing of the Offering. If the over-allotment option is exercised in full, gross proceeds from the Offering will be CDN$ 230 232 875.
The Company will use the net proceeds from the Offering for general corporate purposes, including to repay a portion of its outstanding revolving debt in the normal course in order to create debt availability to fund future corporate investments, which may potentially include future acquisitions.
Adapted from press release by Hannah Priestley-Eaton