04:43 PM EDT, 06/05/2024 (MT Newswires) -- ADENTRA ( HDIUF ) after trade Wednesday said it is raising $87 million in a bought-deal share offering

The architectural-products distributor is selling a syndicate of underwriters 2.25-million shares priced at $38.75 each, along with a 15% over-allotment option.

ADEN said it "maintains an attractive acquisitions pipeline" and plans to use proceeds repay bank debt, including under its revolving credit facility, raising the amount of credit available to fund potential strategic acquisitions and for general corporate purposes.

"This Offering will further solidify our balance sheet and strongly position us to pursue M&A opportunities, as we continue to execute on our Destination 2028 plan, which includes adding an additional US$800 million in run-rate revenues from acquisitions by 2028," chief executive Rob Brown said in a release.

ADENTRA ( HDIUF ) shares closed up $0.875 to $40.975 on the Toronto Stock Exchange.