Canyon has closed its bought deal financing which involved the issuance of 15.8 mm shares at an offer price of $4.00/share for gross proceeds of $63.3 mm. We expect the proceeds will be used to reduce indebtedness. Previously, we had estimated Canyon’s 2016e and 2017e net debt positions at $93 mm and $92 mm, respectively, which has now been lowered to $33 mm and $33 mm. We still expect the Company will violate its covenants in 4Q16e. We have lowered our 2016 estimates to reflect industry activi ....
29 Mar 2016
Closes $63 mm Bought deal Financing Including over-Allotment
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Closes $63 mm Bought deal Financing Including over-Allotment
Canyon has closed its bought deal financing which involved the issuance of 15.8 mm shares at an offer price of $4.00/share for gross proceeds of $63.3 mm. We expect the proceeds will be used to reduce indebtedness. Previously, we had estimated Canyon’s 2016e and 2017e net debt positions at $93 mm and $92 mm, respectively, which has now been lowered to $33 mm and $33 mm. We still expect the Company will violate its covenants in 4Q16e. We have lowered our 2016 estimates to reflect industry activi ....