trending Market Intelligence /marketintelligence/en/news-insights/trending/zlk4brher-na7mi8repgxq2 content esgSubNav
In This List

Stelco shareholders raise C$16.5M under secondary offering

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Podcast

Energy Evolution | Looking ahead to the energy transition in 2023

Video

Path to Net-Zero: How are mining companies tracking?

Blog

The Big Picture for 2023: Will Economies See Relief from Knock-on Effects of Russia-Ukraine Conflict?


Stelco shareholders raise C$16.5M under secondary offering

The underwriters of Stelco Holdings Inc.'s secondary offering partially exercised their option to purchase an additional 730,000 shares at C$22.65 apiece.

Selling shareholders LG Bedrock Holdings LP and Foundation Industries Group LLC received gross proceeds of about C$16.5 million. Stelco said Oct. 10 that it will not earn any proceeds.

After the exercise of the overallotment option, Bedrock Industries BV's holdings in Stelco were reduced to 56,553,887 shares, or 63.7%, from 57,283,887 shares, or 64.5%. Bedrock last year bought Stelco from U.S. Steel Corp.

Goldman Sachs Canada Inc. and BMO Capital Markets served as lead joint book runners. Credit Suisse Securities (Canada) Inc., JP Morgan Securities Canada Inc. and Morgan Stanley Canada Ltd. acted as joint book runners, while National Bank Financial Inc. and Oppenheimer & Co. Inc. acted as co-managers.

In September, Stelco priced a secondary offering of 8 million common shares at C$181.2 million.