Ag Growth completes $75M debenture bought deal offering

Winnipeg, MB (pcJ News Briefs) – Ag Growth International Inc. (TSX: AFN) has closed its previously announced offering of $75 million aggregate principal amount of convertible unsecured subordinated debentures at a price of $1,000 per debenture.

A syndicate led by CIBC Capital Markets, National Bank Financial Inc. and TD Securities Inc., and including RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Raymond James Ltd., AltaCorp Capital Inc. and Laurentian Bank Securities Inc. acted as underwriters for the offering.

Burnet, Duckworth & Palmer LLP, and Stikeman Elliott LLP acted as legal counsel to AGI and the underwriters respectively.

Net proceeds will be used to partially repay indebtedness under the revolver portions of AGI’s credit facilities that were drawn on to finance the purchase price for its recently completed acquisition of Global Industries, Inc., a diversified manufacturer of grain storage bins, portable and stationary grain handling equipment, grain drying and aeration equipment, structural components, and steel buildings.

Ag Growth International Inc. is a leading manufacturer of portable and stationary grain and fertilizer handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment and grain drying systems. AGI has manufacturing facilities in Canada, the United States, Italy, Brazil and the United Kingdom, and distributes its products globally.

photo credit: Ag Growth International

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