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Update: Ballard Increases Placement Offer for Syndicate Banks

Vancouver, Canada - Due to strong demand from the syndicate banks led by National Bank Financial and Raymond James, fuel cell specialist Ballard Power has increased the size of its previously announced offer of USD 250 million (approx. EUR 211 million) by another USD 100 million (approx. EUR 84 million).

Under the terms of the amended transaction, the underwriters have agreed to purchase 18.182 million Ballard Power common shares (previously approximately 12.988 million common shares) at a price of $19.25 per common share (approximately €16.22) for gross proceeds of $350 million (USD) (approximately €295 million).

The over-allotment option has also been increased for the underwriters. This option may be exercised in whole or in part at any time up to 30 days after the closing date of the offering and provides for the purchase of up to 2.7273 million additional common shares (previously 1.948 million common shares) from Ballard Power at the offering price for additional gross proceeds of up to approximately $52.5 million (approximately EUR 44.24 million). If the over-allotment option is exercised in full by the Underwriters, the total gross proceeds of the offering will thus amount to USD 402.5 million (approx. EUR 339 million) (previously: USD 287.5 million).



Source: IWR Online, 25 Nov 2020