Pawnee Raises $57,781,930 (Canadian) on First Offering
Cars4U Ltd. ("cars4U") today announced the completion of its income trust conversion into Chesswood Income Fund ("Chesswood") (TSX:CHW.UN). Chesswood announced today the closing of its initial public offering of trust units and the completion of its acquisition of Pawnee Leasing Limited.
Chesswood issued 5,778,193 trust units at $10.00 per unit, for gross proceeds of $57,781,930.( Of course the dollars are Canadian, which are now worth over US.$0.90.) The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and Canaccord Capital Corporation and including Blackmont Capital Inc., Wellington West Capital Markets Inc., DesJardins Securities Inc. and Genuity Capital Markets G.P.
Units of Chesswood will begin trading today on the Toronto Stock Exchange under the symbol CHW.UN. Common shares of cars4U will no longer be traded, and will be delisted.
About Chesswood Income Fund
Chesswood Income Fund now owns the businesses of cars4U and Pawnee Leasing Corporation.
Pawnee Leasing Corporation is a leader in the U.S. small-ticket equipment leasing industry, specializing in providing business equipment leases, for start-up and less traditional credit profiles. Founded in 1982, Pawnee originates all of its leases through an independent network of lease brokers and conducts business in all of the lower 48 states of the U.S.
For more information visit www.chesswoodfund.com.
(Has prospectus, video, more information )
Earlier story by Leasing News: