GlobeNewswire
Spark Energy Pronounces $20 Million Purchased Deal Public Providing of Convertible Debentures
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OAKVILLE, Ontario, Feb. 18, 2021 (GLOBE NEWSWIRE) — Spark Energy Group Inc. (“Spark Energy” or the “Firm”) (TSX: SPG) is happy to announce that it has entered right into a $20 million bought-deal financing (the “Convertible Debenture Financing”) of convertible unsecured subordinated debentures (the “Debentures”) with a syndicate of underwriters (the “Underwriters”) led by Raymond James Ltd. The Debentures could have a coupon of seven.5% each year, and a conversion value of $three.05 per Spark Energy widespread share (a “Widespread Share”), topic to adjustment in sure circumstances. The conversion value represents a conversion premium of roughly 25%. The Firm has granted the Underwriters an over-allotment choice to buy as much as a further $three million combination principal quantity of Debentures on the identical phrases, exercisable in entire or partly at any time as much as the 30th day following the closing of the Convertible Debenture Financing. The Debentures will mature on March 31, 2026. The web proceeds from the Convertible Debenture Financing will probably be used to supply further working capital to help the continued development of the enterprise. Besides in sure circumstances involving a “Change of Management”, the Debentures is not going to be redeemable on the choice of the Firm earlier than March 31, 2024. On or after March 31, 2024 and previous to March 31, 2025, the Debentures could also be redeemed in entire or partly on the choice of the Firm on no more than 60 days and never lower than 30 days prior discover at a value equal to their principal quantity thereof plus accrued and unpaid curiosity, supplied that the amount weighted common buying and selling value of the Shares on the TSX for the 20 consecutive buying and selling days previous the date on which the discover of redemption is given shouldn’t be lower than 125% of the Conversion Worth. On or after March 31, 2025 and previous to the Maturity Date or in sure circumstances involving sure “Change of Management” transactions,, the Debentures could also be redeemed in entire or partly on the choice of the Firm on no more than 60 days and never lower than 30 days prior discover at a value equal to their principal quantity plus accrued and unpaid curiosity. The providing is topic to regular regulatory approvals, together with approval of the Toronto Inventory Change, and is predicted to shut on or about March 11, 2021. The Debentures will probably be provided by the use of a brief type prospectus in the entire provinces and territories of Canada, besides Quebec, and can also be provided by the use of non-public placement in the USA. The securities provided haven’t been registered beneath the U.S. Securities Act of 1933, as amended, and will not be provided or offered in the USA absent registration or an relevant exemption from the registration necessities. This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase nor shall there be any sale of the securities in any jurisdiction during which such provide, solicitation or sale could be illegal. About Spark Energy Spark Energy, an entirely owned subsidiary of Spark Energy Group Inc. (TSX: SPG), is a number one unbiased supplier of end-to-end electrical contracting, operations and upkeep companies, and vitality sustainability options to the commercial, industrial, utility, and renewable asset markets in North America. We work to earn the suitable to be our prospects’ Trusted Associate in Energy™. Our extremely expert and devoted folks, positioned within the communities we serve, mixed with our information of the facility business, expertise experience, and dedication to security, ensures we ship the suitable options that maintain our prospects’ operations up and working immediately and higher outfitted for tomorrow. Study extra at www.sparkpowercorp.com. Ahead trying and different cautionary statements This information launch could include forward-looking statements (inside the that means of relevant securities legal guidelines) which mirror Spark Energy’s present expectations relating to future occasions. Ahead-looking statements are recognized by phrases resembling “imagine”, “anticipate”, “mission”, “anticipate”, “intend”, “plan”, “will”, “could”, “estimate” and different related expressions. Such info and statements are based mostly on the present expectations of Spark Energy’s administration and are based mostly on assumptions and topic to dangers and uncertainties. Though Spark Energy’s administration believes that the assumptions underlying such info and statements are cheap, they could show to be incorrect. The forward-looking occasions and circumstances mentioned on this press launch could not happen by sure specified dates or in any respect and will differ materially because of recognized and unknown threat components and uncertainties affecting Spark Energy, together with dangers regarding: basic financial and inventory market situations; adversarial business occasions; lack of markets; future legislative and regulatory developments in Canada and elsewhere; the facility business in Canada typically; the flexibility of Spark Energy to implement its enterprise methods; dangers and uncertainties detailed occasionally in Spark Energy’s filings with the Canadian Securities Directors; the Firm’s incapacity to lift capital or have the liquidity to function or advance its strategic initiatives and lots of different components past the management of Spark Energy. Investor and Regulatory Inquiries Dan Ardila, Government Vice President & Chief Monetary Officer dardila@sparkpowercorp.com+1 (905) 829-3336 x127 Media Inquiries Kim Samlall, Director, Advertising and marketing Communicationsmedia@sparkpowercorp.com+1 (905) 829-3336 x185
