Coin used to repay debt, finance Canuck channels
MONTREAL — Canuck film and TV company Alliance Atlantis Communications announced Wednesday that it has completed its public share offering in the U.S. and Canada of 8 million class-B non-voting shares at a price of C$17.30 ($11.30) per share. The Toronto-based company raised net proceeds of approximately $85.6 million.
The cash will be used to repay debt from Alliance Atlantis’ credit facility and for other general corporate purposes. In addition, coin will be used to help finance the launch of seven digital specialty channels in Canada, which will begin operations this fall. The new channels are Showcase Romance, Showcase Action, Independent Film Channel Canada (subject to regulatory approval), Discovery Health Channel, National Geographic Channel, BBC Canada and BBC Kids.
Merrill Lynch was the lead manager of the underwriting group, with Goldman Sachs the co-lead manager and RBC Dominion Securities and TD Securities (USA) the co-managers.