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Fiera Capital announces bought deal offerings of shares, debentures

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Fiera Capital announces bought deal offerings of shares, debentures

Fiera Capital Corp. announced that it entered an agreement with syndicates of underwriters to raise on a bought deal basis approximately C$150 million in total gross proceeds.

A syndicate co-led by National Bank Financial Inc., Desjardins Capital Markets and GMP Securities LP agreed to purchase on a bought deal basis 5,770,000 class A subordinate voting shares at C$13.00 per share for gross proceeds of about C$75 million. Fiera Capital granted the underwriters an option to purchase up to an additional 577,000 class A shares at C$13.00 per share for additional gross proceeds of up to about C$75 million.

A syndicate of underwriters co-led by National Bank, Desjardins Capital and Scotiabank also agreed to purchase on a bought deal basis C$75 million aggregate principal amount of 5.00% convertible unsecured subordinated debentures due June 30, 2023. The company granted the underwriters an option to purchase up to about C$11.3 million of additional debentures.

Interest on the debentures is payable semiannually June 30 and Dec. 31 of each year starting June 30, 2018. They will be convertible at a price of C$18.85 per class A share, representing a conversion rate of 53.0504 class A shares per C$1,000 principal amount of debentures. They may be redeemed by Fiera Capital in certain circumstances on or after June 30, 2021, and will be subordinate to Fiera Capital's senior debt.

The underwriters have until 30 days after the closing date of the stock and debenture offerings to exercise their options to purchase additional shares or debentures. Should the overallotment options be exercised in full, the maximum gross proceeds from the offerings is about C$168.8 million.

Fiera Capital intends to use the net proceeds of the offerings to fund recently announced acquisitions, to fund future acquisitions, to repay debt and for general corporate purposes.