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Hudson's Bay Co announces $140 million bought deal

Monday, 12 May 2014 05:22pm EDT 

Hudson's Bay Co:Says it and its largest shareholder, Hudson's Bay Company (Luxembourg) S.a r.l. (LuxCo) and an affiliate thereof (Selling Shareholders), enters into agreement.With syndicate of underwriters whereby Selling Shareholders have agreed to sell as secondary offering, on bought deal basis, an aggregate of 7,870,000 common shares of Company.Representing about 10 pct of their current holdings, at price of $17.80 per common share, for aggregate gross proceeds of about $140 mln.Portion of proceeds from Offering will be used by Selling Shareholders to pay certain tax obligations.Balance of proceeds will be distributed to the ultimate shareholders of LuxCo.Syndicate of underwriters is led by CIBC, RBC Capital Markets, BMO Capital Markets, TD Securities Inc. and Bank of America Merrill Lynch who will act as joint bookrunners.LuxCo has also granted syndicate of underwriters an over-allotment option, exercisable in whole or in part at any time until 30 days following the closing of Offering. 

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-0.23 -1.43%
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