This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:FirstService arranges $70-million (U.S.) offering 2009-10-21 16:38 ET - News Release Mr. Jay Hennick reports
FIRSTSERVICE ANNOUNCES US$70 MILLION PUBLIC OFFERING OF CONVERTIBLE UNSECURED
SUBORDINATED DEBENTURES FirstService Corp. has entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc. and Scotia Capital Inc., and including BMO Capital Markets, CIBC, HSBC Securities (Canada) Inc., RBC Capital Markets, Raymond James Ltd. and PI Financial Corp., pursuant to which the underwriters will purchase $70-million (U.S.) principal amount of convertible unsecured subordinated debentures at a price of $1,000 (U.S.) per debenture. FirstService has also granted the underwriters an overallotment option to purchase up to an additional $7-million (U.S.) aggregate principal amount of debentures at the same price exercisable in whole or in part at any time for a period of 30 days following closing. The convertible debentures will mature on Dec. 31, 2014, and will accrue interest at the rate of 6.50 per cent per annum payable semi-annually in arrears on June 30 and Dec. 31 in each year, commencing June 30, 2010. At the holder's option, the convertible debentures may be converted into subordinate voting shares of FirstService at any time prior to the close of business on the earlier of the business day immediately preceding either the maturity date and the date specified by FirstService for redemption of the debentures. The conversion price will be $28.00 (U.S.) for each subordinate voting share, subject to adjustment in certain circumstances. The remainder is available to Stockwatch subscribers.
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