MISSISSAUGA, Ontario, Nov. 27, 2019 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”) is pleased to announce that it closed its previously announced offering of US$550 million 5.375% senior unsecured notes due 2024. Concurrently with the closing of the offering, goeasy entered into a cross currency swap agreement (the “2024 Currency Swap”) to fix the foreign currency exchange rate for the proceeds from the offering and for all required payments of principal and interest under these notes. After giving effect to the 2024 Currency Swap, the Canadian dollar equivalent yield to maturity on these notes will be 5.65% per annum. goeasy estimates the net proceeds from the offering and the unwinding of the currency swap (the “2022 Currency Swap”) entered into in connection with its US$475million aggregate principal amount of 7.875% senior unsecured notes due 2022 (the “2022 Notes”) will be approximately C$714.4 million after deducting fees and estimated expenses. goeasy intends to use the proceeds from the offering and the 2022 Currency Swap unwind to redeem the 2022 Notes, to repay a portion of the amounts outstanding under its senior secured revolving credit facility, for general corporate purposes, including funding the growth of its consumer loan portfolio, and to pay fees and expenses of the offering, including fees associated with entering into the 2024 Currency Swap.
goeasy Ltd. Closes US$550 Million Offering of Senior Unsecured Notes
Nov 27, 2019
Survey
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
Follow Us
Disclaimers