By Adriano Marchese
AutoCanada Inc. said Thursday that it plans to offer 300 million Canadian dollars, the equivalent of US$239.7 million, worth of senior unsecured notes on a private placement basis.
The Canadian automobile dealership company said the notes will be seven-year senior unsecured notes, and will be offered and sold on a private placement basis to accredited investors and qualified institutional buyers in Canada and the U.S.
The company will use the new funds to redeem its outstanding C$250 million 8.75% senior notes due in 2025.
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(END) Dow Jones Newswires