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WINNIPEG, MB, Dec. 6, 2021 /CNW/ - Exchange Income Corporation
(TSX: EIF) (the "Corporation" or "EIC") announced today that it has
closed its previously announced bought deal offering (the
"Offering") of 7 Year 5.25% convertible unsecured subordinated
debentures due January 15, 2029 (the
"Debentures"). At the closing of the Offering, the
Corporation issued $115,000,000
principal amount of Debentures to the underwriters of the Offering,
which includes the exercise in full of the $15,000,000 over-allotment option granted to the
underwriters for the Offering.
The Offering was co-led by National Bank Financial Inc. and
CIBC Capital Markets and the syndicate included Raymond James Ltd.,
RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities
Inc., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Cormark
Securities Inc., Laurentian Bank Securities Inc., Wellington-Altus
Private Wealth Inc., ATB Capital Markets Inc. and iA Private Wealth
Inc.
The Debentures are listed for trading on the Toronto Stock
Exchange under the symbol "EIF.DB.M".
The Corporation intends to use the net proceeds of the Offering
to repay indebtedness, including the Corporation's existing series
of convertible debentures maturing December
31, 2022, which become redeemable as of December 31, 2021, and for general corporate
purposes.
About Exchange Income Corporation
Exchange Income Corporation is a diversified
acquisition-oriented company, focused in two sectors: aerospace
& aviation services and equipment, and manufacturing. The
Corporation uses a disciplined acquisition strategy to identify
already profitable, well-established companies that have strong
management teams, generate steady cash flow, operate in niche
markets and have opportunities for organic growth. For more
information on the Corporation, please visit
www.ExchangeIncomeCorp.ca. Additional information relating to the
Corporation, including all public filings, is available on SEDAR
(www.sedar.com).
Caution Concerning Forward-Looking Statements
The statements contained in this news release that are
forward-looking are based on current expectations and are subject
to a number of uncertainties and risks, and actual results may
differ materially. These uncertainties and risks include, but are
not limited to, COVID-19 and pandemic-related risks, the dependence
of the Corporation on the operations and assets currently owned by
it, the degree to which its subsidiaries are leveraged, the fact
that cash distributions are not guaranteed and will fluctuate with
the Corporation's financial performance, dilution, restrictions on
potential future growth, the risk of shareholder liability,
competitive pressures (including price competition), changes in
market activity, the cyclicality of the industries, seasonality of
the businesses, poor weather conditions, and foreign currency
fluctuations, legal proceedings, commodity prices and raw material
exposure, dependence on key personnel, and environmental, health
and safety and other regulatory requirements. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made. Further information about these and other
risks and uncertainties can be found in the disclosure documents
filed by the Corporation with the securities regulatory
authorities, available at www.sedar.com.
SOURCE Exchange Income Corporation
