Ag Growth International Inc. will list $45-million in principal amount of its Series B 5.25-per-cent extendable convertible unsecured subordinated debentures on the Toronto Stock Exchange at the open on Monday, Dec. 1, 2014, according to the TSX. As in the company's Nov. 24, 2014, short form prospectus, Ag Growth plans to raise $45-million by selling the debentures in principal amounts of $1,000. It has granted the underwriters an overallotment option to buy up to another $6.75-million of the debentures for 30 days from the closing of the offering.

The maturity date of the debentures will initially be the earliest date on which a termination event occurs. If the company completes its previously announced acquisition of the assets of Vicwest Inc.'s Westeel division before a termination event happens, the maturity date of the debentures will be extended to Dec. 31, 2019. If a termination event occurs the debentures will mature. A termination event will happen if the company has not completed the Westeel acquisition by 5 p.m. (Toronto time) on April 30, 2015, or if the acquisition is cancelled.

The debentures will pay interest semi-annually, in arrears, on June 30 and Dec. 31 in each year, beginning, assuming maturity is extended to Dec. 31, 2019, on June 30, 2015. The first interest payment of $30.57 per $1,000 of principal amount will include interest accrued from the closing of the offering to, but excluding, June 30, 2015. The debentures are convertible into shares at a price of $65.57 per share, which represents 15.2509 shares per $1,000 of principal amount.

The TSX reports the debentures will trade under symbol AFN.DB.B and Cusip No. 001181 AE 6.