Richmond, BC - MacDonald, Dettwiler and Associates Ltd. ("MDA" or the "Company") (TSX: MDA), a global communications and information company, is pleased to announce that it has closed the previously announced public offering of 4,145,750 shares (the “Shares”) at a price of $69.40 per Share for gross proceeds to MDA of $287,715,050 (the “Offering”).
“This is the first time MDA has issued equity to finance its growth,” said Anil Wirasekara, MDA’s Executive Vice President and Chief Financial Officer. “The acquisition of SSL on November 2, 2012 was transformational for the Company, and with the completion of this financing, MDA will be well-positioned to pursue growth opportunities.”
The Company filed a short form final prospectus in each of the provinces of Canada on March 21, 2013 in connection with the Offering. RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., and TD Securities Ltd., acted as joint-bookrunners for a syndicate of underwriters that included National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc., Raymond James Ltd., Cormark Securities Inc. and GMP Securities L.P. (the “Underwriters”). The closing of the Offering today included the exercise in full of the over-allotment option of 540,750 Shares by the Underwriters.
Further Information on the Offering:
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of MDA in the United States. The Common Shares described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States or for the account or for the benefit of a U.S. person absent registration or an exemption from registration.
MDA is a global communications and information company providing operational solutions to commercial and government organizations worldwide.
MDA's business is focused on markets and customers with strong repeat business potential. In addition, the Company conducts a significant amount of advanced technology development.
MDA's well-established global customer base is served by more than 4,500 employees operating from 11 offices located in the United States, Canada, and internationally.
The Company's common shares trade under the symbol TSX:MDA.
This press release contains “forward-looking statements”, within the definition contained in the applicable Canadian securities legislation, concerning the use of proceeds of the Offering. Any such forward-looking statements are based on MDA’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. The risks that could cause actual results to differ from current expectations include, but are not necessarily limited to: changes in government priorities, funding levels, contracts and regulations; failure of third parties and subcontractors; risks associated with the design and operation of satellites and provision of satellite services, including satellite construction or launch delays, launch failures, in-orbit failures or impaired satellite performance; failure to anticipate changes in technology, technical standards and product offerings or comply with the requisite standards and failure of systems to meet performance requirements; fluctuations in foreign exchange or interest rate and stock market volatility; and restrictions in the Company’s borrowing documents. The foregoing list of important factors is not exhaustive. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to the Company's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online under the Company's profile at www.sedar.com or on the Company's website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.