Great Lakes Carbon Income Fund completes its initial public offering of 18.5 million trust units
|Areas||Corporate Finance and Securities, Mining and Natural Resources, REITs and Income Securities|
Goodmans represented the syndicate of underwriters in connection with Great Lakes Carbon Income Fund's initial public offering of 18.5 million trust units priced at $10.00 per unit, for gross proceeds of $185 million. The net proceeds of the offering were used to acquire an indirect 35.05% interest in Great Lakes Carbon LLC (GLC). The net proceeds from the IPO, together with borrowings under a new US$130 million senior credit facility and the private issuance of securities effectively exchangeable for units of the Fund, were used to retire GLC’s previous capital structure consisting of a senior credit facility, senior subordinated notes, and holding company discount debentures. GLC is the world’s largest producer of both anode and industrial grade calcined petroleum coke, a critical and necessary material used in the production of aluminum.