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Franco-Nevada Corporation (TSX:FNV, NYSE:FNV) has entered into a $500 million bought deal financing agreement with a syndicate of underwriters, led by RBC Capital Markets, CIBC and BMO Capital Markets.
Franco-Nevada Corporation (TSX:FNV, NYSE:FNV) has entered into a $500 million bought deal financing agreement with a syndicate of underwriters, led by RBC Capital Markets, CIBC and BMO Capital Markets. The agreement is for 8,375,000 common shares of the company at a price of US$59.75 per share. The underwriters will also have the option, exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,256,250 common shares to cover over-allotments, if any. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the offering will be approximately US$575 million.
According to the press release:
The Company plans to use the net proceeds from the offering to fund additional royalty and stream acquisitions and other general corporate purposes. The Company expects to fund all of its existing royalty and stream commitments from existing cash and a portion of future cash flows.
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