Transcontinental Inc. closes C$287.5M bought deal offering
On April 20, 2018, CIBC World Markets Inc. and Scotia Capital Inc., as co-leads of a syndicate of underwriters, closed a bought deal offering with Transcontinental Inc. ("TC Transcontinental") pursuant to which TC Transcontinental issued 10,810,000 subscription receipts at a price of C$26.60 per receipt for gross proceeds of C$287.5 million. The offering included the exercise in full by the underwriters of the over-allotment option, whereby TC Transcontinental issued approximately C$37.5 million of subscription receipts.
The proceeds from the offering, along with other funds, will be used to fund the purchase price and transaction costs payable in connection with the acquisition of Coveris Americas, a subsidiary of Sun Capital Partners, Inc.
TC Transcontinental is Canada's largest printer and a key supplier of flexible packaging in North America. Based in Montreal, the company has offices and facilities in Canada and the United States.
McCarthy Tétrault LLP advised CIBC World Markets and Scotia Capital with a team led by Patrick Boucher that included Fraser Bourne, Isabelle Nazon and Konstantin Sobolevski.
