Transcontinental raises $287.5 mln for Coveris deal, CDPQ invests

Montréal-based printing company Transcontinental Inc (TSX: TCL.A/B) has closed a bought-deal subscription receipt offering, raising about $287.5 million. Investors in the offering included Caisse de dépôt et placement du Québec (CDPQ), the company said. Transcontinental plans to use the proceeds to help fund the acquisition of Coveris Americas, the U.S. packaging unit of Luxembourg’s Coveris Holdings SA. The deal, announced earlier this month, is valued at about $1.7 billion. Coveris Holdings is a portfolio company of U.S. private equity firm Sun Capital Partners.

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