Livingston International Income Fund
TSX : LIV.UN

Livingston International Income Fund

June 01, 2009 15:41 ET

Livingston International Income Fund Announces Bought-Deal Financing

TORONTO, ONTARIO--(Marketwire - June 1, 2009) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Attention Business Editors:

Livingston International Income Fund (TSX:LIV.UN) announced today that it has entered into an agreement pursuant to which a syndicate of underwriters led by Scotia Capital Inc. has agreed to purchase and sell to the public, on a bought-deal basis, 6.0 million units from treasury, at a price of $4.30 per unit, for gross proceeds of $25.8 million, together with an over-allotment option to purchase up to a further 900,000 units at the same price.

The issue will be offered in all provinces of Canada, except Quebec. The units being offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or under state securities laws. The offering is expected to close on or about June 19, 2009 and is subject to regulatory and stock exchange approvals.

The Fund intends to use the proceeds of the offering to repay bank debt and/or for general trust purposes.

"This offering indicates the level of capital market support for Livingston in the longer term," said Peter Luit, president and chief executive officer of Livingston International. "We welcome the opportunity to reduce the Fund's debt through this offering."

About Livingston

Livingston International Income Fund is a trust that holds the securities of Livingston International Inc., a leading North American provider of customs, transportation and integrated logistics services. Headquartered in Toronto, Ontario, Livingston has more than 2,500 employees located at approximately 100 key border points, seaports, airports and other strategic locations across Canada and the United States.

Forward-looking statements

Certain statements in this release may be considered forward-looking statements, which reflect management's current beliefs and expectations and that involve assumptions about expected future events or results that are subject to inherent risks and uncertainties. There is significant risk that assumptions and other forward-looking statements will not prove to be accurate. There can be no assurance that the proposed offering will be completed. Many factors could cause actual future results, conditions or events to differ materially from the results or outcomes expressed, including risks related to trade volumes, deterioration of economic conditions, currency volatility and continued availability of credit facilities and bonds, among others. Investors are cautioned not to place undue reliance on assumptions or forward-looking statements.

Contact Information

  • Livingston International Income Fund
    Dawneen MacKenzie
    Vice-president, public affairs
    1-800-387-7582 ext. 3109