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Saputo closes C$659M share offering

Canadian dairy products maker Saputo Inc. said Sept. 11 that it closed its previously announced offering of C$659 million worth of its common shares.

A syndicate of underwriters led by National Bank Financial Inc. and BMO Capital Markets purchased 11,617,300 offered shares on a bought deal basis, including the additional 1,515,300 common shares issued from the over-allotment option granted to the underwriters, at a purchase price of C$39.60 apiece for gross proceeds of about C$460 million.

The company also announced the completion of its subscription agreements with each of its principal shareholders, Jolina Capital Inc. and Placements Italcan Inc., to purchase 2,525,253 and 2,500,000 additional common shares at a purchase price of C$39.60 per share for gross proceeds of about C$100 million and C$99 million, respectively.

Saputo plans to use the proceeds to repay outstanding indebtedness due to completed acquisitions, and for general corporate purposes.