AutoCanada Inc. closes equity financing and secondary offering

Date closed: 7/11/2014

Value: see description

On July 11, 2014, AutoCanada Inc. (AutoCanada or the Company) announced that it had closed a public offering of common shares. The Company issued 2,565,000 common shares from treasury at a price of $78.00 per share for gross proceeds of $200 million. Concurrently, Canada One Auto Group Ltd. and its subsidiaries (collectively, CAG) sold, with the full exercise of the over-allotment option, an aggregate of 2,598,500 common shares at a price of $78.00 per share for gross proceeds of $203 million.

The offering was underwritten by a syndicate of underwriters led by RBC Capital Markets and Scotiabank and included Clarus Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc. and CIBC World Markets Inc.

AutoCanada, headquartered in Edmonton, Alberta is a large multi-location automobile dealership group.

BLG represented AutoCanada Inc. and CAG with a team led by Bruce Lawrence that included Lloyd McLellan, Michael Saliken and Peter Newman.