Algoma to Raise $80.5 Million Via Debenture Offering on TSX

Algoma Central Corporation announced it filed a final short form prospectus for a public offering of $70,000,000 in 6.20% convertible unsecured subordinated debentures at $1,000 per Debenture. The Toronto Stock Exchange granted conditional approval for this listing. The offering includes an over-allotment option for up to $10,500,000, which could raise a total of $80,500,000. Concurrently, Algoma is issuing $20,000,000 in debentures to E-L Financial Corporation through a private placement.

The debenture offering allows Algoma Central Corporation to raise substantial capital through debt instruments. The successful completion of the public offering and the concurrent private placement could significantly affect Algoma's financial structure and future investment capacity.