TransactionsVFC Inc. Completes Initial Public and Secondary Offering of Common SharesPublished: 10/06/2003 By David Budd, Jennifer Traub, John P. Vettese On October 6, 2003, VFC Inc. completed an initial public and secondary offering of its common shares. Pursuant to the offerings, VFC issued 4,615,385 common shares at an issue price of $6.50 per share for aggregate proceeds of $30 million. In addition, certain shareholders of VFC sold 2,195,018 common shares at the issue price. The underwriters exercised their option on November 13th to purchase an additional 1,021,559 common shares at the issue price from VFC and the selling shareholders, on a pro rata basis. VFC Inc. is one of the largest Canadian owned indirect consumer finance companies in Canada. VFC's focus is on the financing of automobile loans to "non-prime" customers. The underwriting syndicate for the offering was co-led by Sprott Securities Inc. and TD Securities Inc. and included First Associates Investments Inc. and Research Capital Corporation. Cassels Brock acted for VFC Inc. on the transaction with a team consisting of Alison Manzer, David Budd (Financial Services), John Vettese and Jennifer Traub (Securities). |