NAV Canada on Thursday said it was increasing by C$25 million Canadian its two-week old offer to purchase for cash a series of four tranches of debt securities.
NAV's initial offer of C$100 million was made on November 16 for the series of notes, which were titled 0.555% Series 2021-2 General Obligation Notes due 2024, 0.937% Series 2021-1 General Obligation Notes due 2026, 7.560% Revenue Bonds Series 97-2 due 2027 and 7.400% Revenue Bonds Series 96-3 due 2027.
NAV's new offer came after just over C$256 million in combined aggregate principal amount of the notes were validly tendered before the earlier expiration date of November 23.
The deal or deals are being managed by RBC Dominion Securities, with TSX Trust Co. the tender agent for offers.