VANCOUVER, BC - Ainsworth Lumber Co. Ltd. (ANS.TO) announced its has raised $175 million through a rights offering to investors.
Approximately 140 million common shares were subscribed to, including approximately 77 million by Brookfield Asset Management Inc., Ainsworth's largest shareholder. Ainsworth said this represents the last step in its comprehensive refinancing plan originally announced on October 22, 2012.
Proceeds of the offering were used to repay all remaining owed under the company's 11% Senior Unsecured Notes due 2015. This includes monies owed to certain funds managed by Brookfield. Ainsworth announced in November that it planned to pay off those notes.
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