CAE C$700m subscription receipt private placement (CDPQ and GIC)
CAE sold subscription receipts to CDPQ (C$475m) and GIC to fund most of its US$1.05bn purchase of L3Harris's military training business.
- Company
- CAE
- Type
- Equity raise
- Status
- Completed
- Date
- 4 Mar 2021
- Value
- C$700m
- US$ equivalent
- US$559m
- Value basis
- 22.4m subscription receipts at C$31.25 (about US$550m), each converting into one CAE share on closing of the L3Harris Military Training acquisition
- Region
- Canada
- Segment
- Listed equity
Parties
- CAE issuer
- Caisse de dépôt et placement du Québec (CDPQ) investor
- GIC investor
Key terms
- Price
- C$31.25 per subscription receipt
- CDPQ commitment
- C$475m (about US$375m)
- Escrow
- Proceeds held in escrow until the acquisition closed
Sources
- CAE press release (Form 6-K exhibit): CAE to acquire L3Harris Technologies' Military Training business for US$1.05bn sec.gov · 1 Mar 2021
- CAE press release (Form 6-K exhibit): completes C$700m private placement subscription receipt offering sec.gov · 4 Mar 2021
Record DEF-INV-2021-0018. Investments are kept apart from the financings register and never counted in debt totals.
