October 5, 2018 / 12:32 PM / 2 months ago

BUZZ-Tilray: Higher on upsized convertible notes deal

** Tilray up ~5 pct at $152.20 premarket after cannabis maker, as expected, raises more capital than planned

** Co prices $450 mln, 5-year convertible senior notes in private placement to institutional buyers

** Offering upsized from $400 mln; bookrunners Cowen, BMO and BofA-ML had communicated early Thurs that deal was oversubscribed and had potential to grow

** Gets done with 5 pct coupon and convertible premium of 15 pct, midpoint of marketed terms

** Tilray to use net proceeds of ~$435 mln, or ~$500.5 mln if full overallotment is exercised, for working capital, future acquisitions and to repay approx $9.1 mln existing mortgage on British Columbia facility

** Tilray has skyrocketed since its Jul 19 debut. Shares are up ~800 pct from $17 IPO price, giving them market value of ~$14 bln

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below