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SunOpta secures $60M equity investment commitment

Apr. 16, 2020 11:36 AM ETSunOpta Inc. (STKL), SOY:CABy: Vandana Singh, SA News Editor
  • SunOpta (NASDAQ:STKL +4.2%) announces equity investment of $60M from Oaktree Capital and Engaged Capital, in the form of newly created Series B exchangeable preferred shares in two tranches.
  • Proceeds will be used primarily for investment in the company's plant-based foods & beverages business, and to provide incremental liquidity.
  • The first tranche consists of $30M of Series B-1 Preferred, and will be immediately exchangeable into SunOpta shares at an initial exchange price of $2.50/share
  • In addition, the Company has the option to require that Oaktree and Engaged purchase a second tranche of the Series B-2 Preferred for up to $30M, by giving notice to Oaktree and Engaged on or before July 15, 2020.
  • The initial exchange price of the Series B-2 Preferred will be equal to a 30% premium to the 15-day volume weighted average stock price through the trading day immediately prior to the notice date, with an exchange price floor of $2.00 and price cap of $3.50.

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