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Exchange Income Corp. raising $60M in debenture offering

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Just after its $80-million acquisition of Florida aircraft and engine aftermarket parts business, Regional One, Exchange Income Corp. is raising $60 million in a convertible debenture offering.

The company will pay 5.35 per cent interest on the debentures that will mature in seven years on March 31, 2020.

The debentures are convertible to common shares at the holders option at any time before the conversion date a price of $41.60 per common share, a conversion rate of 24.0385 common shares for every $1,000 principal amount of debenture.

In afternoon trading on Wednesday, EIC’s shares were trading at $28.45, down 36 cents today,.

 

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