The Hockey Company Holdings Inc. announced Wednesday that it has closed its initial public offering. Its common shares are listed on the Toronto Stock Exchange under the symbol “HCY”. Merrill Lynch Canada Inc. acted as lead underwriter in a syndicate that included Scotia Capital Inc. and National Bank Financial Inc.
At closing, The Hockey Company Holdings Inc. issued 4,500,000 common shares, at a price of $16.00 per share, resulting in gross proceeds of $72,000,000. Proceeds received from this offering will be used by The Hockey Company Holdings Inc. to pre-pay certain royalty payments under a new exclusive license agreement with the National Hockey League and to repurchase all of the outstanding Preferred Stock of The Hockey Company, together with all accrued and unpaid dividends thereon.
“We are very pleased to have achieved this milestone in our history,” stated Matt OToole, the Company’s President and Chief Executive Officer. “The public offering significantly strengthens our balance sheet and solidifies our alliance with the National Hockey League through June of 2014,” he added. “The Company will continue its focus of leading the hockey industry through product innovation and superior customer service”.
