Canada’s Park Lawn seeks to raise $125 million in share offering

Canadian funeral, cremation and cemetery services provider Park Lawn Corp. is seeking to raise around $125 million in a share offering.

The company has agreed with a syndicate of underwriters co-led by National Bank Financial Inc., CIBC Capital Markets and Cormark Securities Inc. to issue 4.9 million common shares at a price of $25.65 per share, on a bought deal basis.

Park Lawn has also granted the underwriters an option to buy up to further 731,100 common shares on the same terms and conditions.

The company intends to use the net proceeds to repay its outstanding indebtedness under its credit facility, finance its ongoing development initiatives, and for general corporate purposes.