Toromont Prices Private Offering of Cdn$150 Million 3.71% Senior Unsecured Notes Due 2025
By Marketwired News
By Marketwired News
TORONTO, ONTARIO–(Marketwired – Sept. 18, 2015) – Toromont Industries Ltd. (TSX:TIH) (“Toromont”) announced today that it has priced a Canadian offering of Cdn$150 million aggregate principal amount of 3.71% senior unsecured notes due 2025 (the “Notes”). The offering is expected to close on September 30, 2015, subject to customary closing conditions. The Notes will be unsecured, unsubordinated obligations of Toromont and will rank pari passu with its other unsecured, unsubordinated debt.
Toromont intends to use the net proceeds of the offering to pay the principal and interest owing on its outstanding 4.92% senior debentures upon their maturity on October 13, 2015 and for general corporate purposes.
The Notes are being offered exclusively to persons resident in a Canadian province through a syndicate of agents led by RBC Capital Markets and BMO Capital Markets on a private placement basis in reliance upon exemptions from the prospectus requirements under applicable securities laws in those provinces. The Notes have not been qualified for sale to the public under such securities laws.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the Notes in any jurisdiction, and is not an offer for sale within the United States of any securities of Toromont. Securities of Toromont, including any debt securities, may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws. The offering described in this news release is not being made in the United States and has not been and will not be registered under U.S. securities laws. Accordingly, the Notes may not be offered or sold in the United States except in certain transactions exempt from the registration requirements under applicable U.S. securities laws.
Toromont operates through two business segments: Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry-leading rental operations and a growing agricultural equipment business. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont can be found at www.toromont.com.
Toromont Industries Ltd.
Paul R. Jewer
Executive Vice President and Chief Financial Officer