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BRIEF-CanWel announces $100 mln acquisition of Hawaiian building products company, concurrent $50 mln bought deal equity financing
September 5, 2017 / 12:07 PM / 17 days ago

BRIEF-CanWel announces $100 mln acquisition of Hawaiian building products company, concurrent $50 mln bought deal equity financing

Sept 5 (Reuters) - Canwel Building Materials Group Ltd :

* Canwel announces $100 million acquisition of leading Hawaiian building products company and concurrent $50 million bought deal equity financing

* Canwel Building Materials Group Ltd - ‍canwel will acquire 100% of honsador building products group of companies for us$80.0 million in cash​

* Canwel Building Materials - ‍honsador is being acquired on cash-free & debt-free basis, includes assumption of approximately us$26 million of net working capital​

* Canwel Building Materials Group Ltd - ‍underwriters have agreed to purchase 8.6 million subscription receipts at a price of $5.85 per subscription receipt​

* Canwel Building Materials Group Ltd- transaction is expected to be positively accretive to canwel’s annual earnings and free cash flow per share

* Canwel Building Materials Group - ‍reached deal to amend existing $325 million senior credit facility with Wells Fargo capital finance corporation Canada​

* Canwel Building Materials Group Ltd - ‍net proceeds from offering will be used to partially finance transaction consideration​

* Canwel Building Materials Group Ltd - transaction will result in honsador becoming an indirect wholly-owned subsidiary of canwel

* Canwel Building-transaction being funded through a combination of offering, canwel’s existing revolving credit facilities

* Canwel Building-‍agreement to amend senior credit facility by amending revolving credit limit to $300 million, accordion acquisition credit limit to $25 million​ Source text for Eikon: Further company coverage:

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