Savaria Announces Increase to Bought Deal Financing

THIS ANNOUNCEMENT IS FOR INFORMATION ONLY AND IT IS NOT AN OFFER TO BUY OR SOLICITATION OF OFFERS TO BUY ANY SECURITIES. INFORMATION REGARDING THE OFFER TO THE SHAREHOLDERS OF HANDICARE GROUP AB AS ANNOUNCED IN A SEPARATE PRESS RELEASE IS AVAILABLE ONLY TO SHAREHOLDERS IN CERTAIN PERMITTED JURISDICTIONS. NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/

LAVAL, Québec, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Savaria Corporation (TSX:SIS) (“Savaria” or the “Company”), a global leader in the accessibility industry, is pleased to announce that further to its press release on January 27, 2021, the Company has agreed with its syndicate of underwriters led by National Bank Financial Inc., Desjardins Capital Markets, Scotiabank and TD Securities Inc., acting as Co-Bookrunners, (collectively the “Underwriters”) to increase the size of its previously announced CAD100 million “bought deal” offering of subscription receipts (“Subscription Receipts”) on a private placement basis. Pursuant to the upsized deal terms (and taking into account the Underwriters’ over-allotment option which has been exercised in full), the Underwriters have agreed to purchase, on a “bought deal” private placement basis, an additional 469,000 Subscription Receipts, for a total of 8,136,050 Subscription Receipts at a price of CAD15.00 per Subscription Receipt (the “Offering Price”), for aggregate gross proceeds of CAD122,040,750 (collectively, the “Upsized Offering”). No option to purchase additional Subscription Receipts at the Offering Price has been granted to the Underwriters on the upsized portion of the Upsized Offering.

In connection with the Upsized Offering, the Caisse de dépôt et placement du Québec (“CDPQ”), which has previously agreed to concurrently purchase Subscription Receipts on a private placement basis, has agreed to exercise its over-allotment option in connection with such private placement such that CDPQ shall purchase, concurrently with the Upsized Offering, a total of 4,600,000 Subscription Receipts at the Offering Price, for aggregate gross proceeds of CAD69,000,000. When combined with the Upsized Offering, the aggregate gross proceeds to be raised by Savaria from the issuance of Subscription Receipts (collectively, the “Equity Private Placements”) shall be CAD191,040,750.