Canadian grain-handling company Viterra Inc said it will raise C$300 million ($261.5 million) through a senior-note offering and plans to use the proceeds for general corporate purposes, that could include acquisitions.
Viterra said it entered into an agreement with a syndicate of agents led by TD Securities Inc to sell 8.5 percent senior notes due July 7, 2014.
We are mindful that we must move quickly when the capital markets are open and receptive, Chief Executive Mayo Schmidt said in a statement.
While we do not require capital immediately, we do see a number of smaller strategic opportunities on the horizon that we believe will provide solid returns for our stakeholders.
Viterra raised C$450 million this spring in a share offering that was contingent on its acquisition of ABB Grain Ltd. It announced plans last week to buy Associated Proteins LP, a Canadian canola crushing plant, for C$64 million.
Viterra shares, which have gained about 11 percent in a month, closed Thursday at C$9.76 on the Toronto Stock Exchange. ($1=1.147 Canadian Dollar)
(Reporting by Krishna Chaithanya in Bangalore; Editing by Deepak Kannan)