Park Lawn Corporation Announces $135 Million Bought Deal Offering of Common Shares
16 Août 2021 - 9:29PM
Park Lawn Corporation (TSX: PLC) ("
PLC" or the
"
Company") is pleased to announce that it has
entered into an agreement with a syndicate of underwriters (the
"
Underwriters") co
-led by
Scotiabank and National Bank Financial Inc. pursuant to which the
Underwriters have agreed to purchase
3,710,000
common shares (the "
Common
Shares") at a price of $36.40 per Common Share, on a
bought deal basis, for gross proceeds of approximately
$135
million (the
"
Offering"). The Company also granted the
Underwriters an option to purchase up to an additional
371,000
Common Shares on the same terms and
conditions, exercisable at any time, in whole or in part, up to 30
days after the closing of the Offering.
The net proceeds from the Offering will be used
to pay down the Company’s revolving credit facility to free up
capacity to fund potential future acquisitions and organic growth
opportunities and for general corporate purposes.
The Common Shares will be offered pursuant to a
short-form prospectus to be filed in each of the provinces of
Canada, which will describe the terms of the Offering. The Offering
is expected to close on or about September 3, 2021 and is subject
to certain conditions including, but not limited to, the receipt of
all regulatory approvals including the approval of the Toronto
Stock Exchange.
The securities offered pursuant to the Offering
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, (the "1933
Act") and may not be offered, sold or delivered, directly
or indirectly, in the United States, or to, or for the account or
benefit of, "U.S. persons" (as defined in Regulation S under the
1933 Act), except pursuant to an exemption from the registration
requirements of the 1933 Act. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any securities in the United States or to, or for the account or
benefit of, U.S. persons.
About Park Lawn
Corporation
PLC provides goods and services associated with
the disposition and memorialization of human remains. Products and
services are sold on a pre-planned basis (pre-need) or at the time
of a death (at-need). PLC and its subsidiaries own and operate
businesses including cemeteries, crematoria, funeral homes,
chapels, planning offices and a transfer service. PLC operates in
three Canadian provinces and fifteen U.S. states.
Cautionary
Statement Regarding
Forward‐Looking Information
This news release may contain forward-looking
statements (within the meaning of applicable securities laws)
relating to the business of PLC and the environment in which it
operates. Forward-looking statements are identified by words such
as "believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate", "pro-forma" and other similar
expressions. These statements are based on PLC's expectations,
estimates, forecasts and projections and include, without
limitation, statements regarding the expected completion of the
Offering and use of net proceeds of the Offering. The
forward-looking statements in this news release are based on
certain assumptions, including that all conditions to completion of
the Offering will be satisfied or waived as well as those regarding
present and future business strategies, the environment in which
the PLC will operate in the future, the anticipated adjustments to
operations in the COVID-19 pandemic, expected revenues, expansion
plans and PLC's ability to achieve its goals. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to control or predict. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements,
including, but not limited to, risks associated with the current
COVID-19 pandemic, the risk that the Offering will not be completed
and the other factors discussed under the heading "Risk Factors" in
PLC's annual information form and most recent management's
discussion and analysis available at www.sedar.com. There can be no
assurance that forward-looking statements will prove to be accurate
as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore,
should not place undue reliance on any such forward-looking
statements. Further, these forward-looking statements are made as
of the date of this news release and, except as expressly required
by applicable law, PLC assumes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Contact Information
Daniel MillettChief Financial Officer(416)
231-1462, ext. 221
Park Lawn (TSX:PLC)
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