Tricon Capital closes US $321M bought deal

CPE News

Toronto (pcJ News Briefs) – Tricon Capital Group Inc. (TSX: TCN) has completed its previously announced bought deal offerings of subscription receipts at a price of CDN $9.90 per subscription receipt for gross proceeds of approximately CDN $175 million, and US $150 million aggregate principal amount of 5.75% extendible convertible unsecured subordinated debentures.

The syndicate of underwriters, co-led by RBC Capital Markets and GMP Securities L.P., exercised the over-allotment options in full to purchase an additional 2,651,250 subscription receipts and an additional US $22.5 million aggregate principal amount of debentures concurrently with the closing of the offerings, resulting in total gross proceeds from the offerings, including the proceeds from the exercise of the over-allotment options, of approximately US $321.4 million.

Tricon Capital Group intends to use the net proceeds to fund a portion of the purchase price of the acquisition of Silver Bay Realty Trust Corp.

Tricon Capital Group expects the acquisition to close by the end of Q2 2017.

photo credit: Tricon Capital Group