TORONTO Davis + Henderson said this morning it raised $690 million to help fund its $1.2 billion acquisition of Harland Financial Solutions with an offering of subscription receipts and convertible bonds.
The offering included 18.7 million subscription receipts at $21.40 each for gross proceeds of $400.2 million; and $200 million principal amount of 6% extendible convertible unsecured subordinated debentures; with underwriters subscribing to an overallotment of subscription rights and debentures worth another $90 million. The subscription receipts and the debentures will start trading today on the Toronto Stock Exchange under the symbols "DH.R" and "DH.DB".
The net proceeds will be used to finance a portion of Harland Financial deal, which is scheduled to close August 19.
D+H is a Canada-based check printer that is parent of Mortgagebot, Avista Solutions and Compushare, which now claims relationships with more than 6,200 credit unions and banks in North America after the deal with Harland Financial and its 4,500 customers.
