Liquor Stores N.A. Ltd.
TSX : LIQ

Liquor Stores N.A. Ltd.

September 29, 2016 08:58 ET

Liquor Stores N.A. Ltd. Announces Closing of $67.5 Million Offering of 4.70% Convertible Unsecured Subordinated Debentures

EDMONTON, ALBERTA--(Marketwired - Sept. 29, 2016) -

NOT FOR RELEASE OVER U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.

Liquor Stores N.A. Ltd. ("Liquor Stores" or the "Company") (TSX:LIQ) is pleased to announce that it has closed its previously announced offering (the "Offering") of 4.70% convertible unsecured subordinated debentures of the Company (the "Debentures") for aggregate gross proceeds of $67.5 million. A syndicate co-led by CIBC Capital Markets and National Bank Financial Inc. and including Cormark Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and PI Financial Corp. (the "Underwriters") acted as underwriters for the Offering.

In connection with the Offering, the Company has also granted the Underwriters an option to purchase up to an additional 15% of the principal amount of the Debentures issued under the Offering at a price of $1,000 per Debenture on the same terms and conditions of the Offering to cover over-allotments and for market stabilization purposes, excisable in whole or in part at any time until 30 days after the closing date of the Offering.

The Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any other U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for Debentures in the United States, nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Liquor Stores

Liquor Stores operates 252 retail liquor stores in Alberta, British Columbia, Alaska, Kentucky and New Jersey. Liquor Stores' retail brands include: Liquor Depot, Liquor Barn, and Wine and Beyond in Alberta (179 stores); Liquor Depot and Liquor Barn in British Columbia (34 stores); Brown Jug in Alaska (22 stores); Liquor Barn "The Ultimate Party Source" and Liquor Barn Express in Kentucky (15 stores); and Joe Canal's Discount Liquor Outlet in New Jersey (two stores). The Company's common shares, convertible subordinated debentures and the Debentures trade on the Toronto Stock Exchange under the symbols "LIQ", "LIQ.DB.A" and "LIQ.DB.B", respectively.

Contact Information

  • Liquor Stores N.A. Ltd.
    Matthew Rudd
    Senior Vice President and Chief Financial Officer
    (780) 702 7387
    www.liquorstoresna.ca