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Exchange Income Corp
Symbol EIF
Shares Issued 32,495,015
Close 2019-10-28 C$ 38.17
Recent Sedar Documents

Exchange Income closes $80.53-million financing

2019-10-29 09:05 ET - News Release

Mr. Mike Pyle reports

EXCHANGE INCOME CORPORATION CLOSES $80 MILLION BOUGHT DEAL FINANCING OF COMMON SHARES

Exchange Income Corp. has closed its previously announced bought deal public offering of 2,139,000 common shares from treasury through a syndicate of underwriters co-led by CIBC World Markets Inc., National Bank Financial Inc. and Laurentian Bank Securities Inc., and including Raymond James Ltd., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Wellington-Altus Private Wealth Inc., Industrial Alliance Securities Inc., AltaCorp Capital Inc. and Cormark Securities Inc. The shares were issued at a price of $37.65 per share, for gross proceeds to the corporation of $80,533,350. This amount includes 279,000 shares issued at the same price for gross proceeds of $10,504,350 on the exercise of the entire overallotment option granted to the underwriters.

Michael Pyle, chief executive officer of the corporation, stated, "We are pleased that the full overallotment of the offering was exercised, evidencing the strong market demand for EIC's securities and our continued access to capital."

The net proceeds of the offering will be used to repay indebtedness under the credit facilities of the corporation, including indebtedness incurred on Oct. 4, 2019, to finance the cash portion of the purchase price for the corporation's previously announced acquisition of L.V. Control Mfg. Ltd. and indebtedness incurred on Oct. 17, 2019, to finance the cash portion of the purchase price for the corporation's previously acquisition of Advanced Window Inc.

About Exchange Income Corp.

Exchange Income is a diversified acquisition-oriented company, focused in two sectors: aerospace and aviation services and equipment, and manufacturing. The corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.

We seek Safe Harbor.

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