Trinidad Drilling closes $150M bought deal led by Raymond James

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By Ted Liu

Trinidad Drilling Ltd. (TSX: TDG) has closed previously announced bought deal equity of 47,460,317 common shares, including 6,190,476 common shares pursuant to full exercise of over-allotment option, at $3.15 per common share for gross proceeds of approximately $149.5 million.

The offering was underwritten by a syndicate of underwriters led by Raymond James Ltd. and including RBC Capital Markets, GMP FirstEnergy, Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., CIBC World Markets, Cormark Securities Inc., Paradigm Capital Inc. and Peters & Co. Limited.

Blake, Cassels & Graydon LLP acted as legal counsel to Trinidad while Borden Ladner Gervais LLP acted for the underwriters.

Trinidad expects to use the net proceeds to fund a portion of the cash purchase price for its 7 7/8% senior notes due in 2019.

photo credit: Trinidad Drilling