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Convertible Debt Deal Study: Five Key Takeaways

October 31, 2019

In the past 16 months in Canada, $5.1 billion has been raised through publicly-reported convertible debt financings. Despite the size of this figure, convertible debt deals remain relatively infrequent compared to traditional forms of debt and equity financings; consequently, there are often issues concerning the structuring and pricing of convertible debt for both public and private deals. As such, Wildeboer Dellelce LLP has prepared a comprehensive study of convertible debt deals completed in Canada in the past 16 months, including 93 transactions that have been publicly-reported and 43 private transactions (the “Study”). The Study is designed to provide an overview of the state of the convertible debt market in Canada and insight into the framework for specific deals through this form of financing. Below are five primary takeaways from the Study. 1. Hybrid Nature The distinctive aspect of convertible debt financings is that there is no “classic” or “typical” deal. These deals are structured...

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