Automotive Finco Corp.’s $20.6 Million Bought Deal Financing


Cassels Brock represented the underwriters on the transaction

Automotive Finco Corp. completed a bought deal prospectus offering for gross proceeds of $20.6 million, by issuing 3,705,000 common shares at a price of $2.70 and $10,615,000 aggregate principal amount of 6.75% convertible senior unsecured debentures due June 30, 2022, including the exercise of the underwriters’ over-allotment option. The syndicate of underwriters was led by Canaccord Genuity Corp., and included Raymond James Ltd., AltaCorp Capital Inc. and Desjardins Securities Inc.

Concurrently, Automotive Finco closed a non-brokered private placement of $20.0 million aggregate principal amount of 6.75% convertible senior unsecured debentures.

Cassels Brock represented the underwriters with a team comprised of Jay F. King (Picture), Greg Hogan, Kyle Simpson and James Lyle (Securities), and James Morand and Tera Li (Tax).

Involved fees earner: Jay King – Cassels Brock & Blackwell LLP; Gregory Hogan – Cassels Brock & Blackwell LLP; Kyle Simpson – Cassels Brock & Blackwell LLP; James Lyle – Cassels Brock & Blackwell LLP; James Morand – Cassels Brock & Blackwell LLP; Tera Li – Cassels Brock & Blackwell LLP;

Law Firms: Cassels Brock & Blackwell LLP;

Clients: Canaccord Genuity; Raymond James Financial, Inc.; AltaCorp Capital Inc.; Desjardins Securities Inc.;

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Author: Ambrogio Visconti