AOCIF - AutoCanada prices $125M senior notes offering

AutoCanada (AOCIF) prices an upsized private offering of C$125M principal amount of its existing 8.75% senior unsecured notes due Feb. 11, 2025.The notes are priced at 106.625% plus accrued interest, up from the previously announced offering of C$100M.The company says it intends to use the net proceeds to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes, including acquisitions."We are very pleased with the successful outcome of the offering, particularly the pricing at a premium to par, resulting in a yield of 5.595% which substantially reduces our cost of debt on the incremental notes relative to the initial issuance," says Executive Chairman Paul Antony. The offering is expected to close on Apr 22, 2021.Press Release

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AutoCanada prices $125M senior notes offering