06:54 AM EDT, 07/23/2024 (MT Newswires) -- goeasy (GSY.TO) late on Monday said it priced an offering of US$200 million of 7.625% senior unsecured notes due 2029, increasing the size from US$150 million.

The notes will be issued at a price of US$1,018.75 per US$1,000 principal amount, plus accrued interest from July 1.

The notes also have substantially identical terms and will be treated as a single series with greasy's 7.625% unsecured notes due 2029 issued on Feb. 23.

A total of US$600 million of notes will be outstanding after the offering closes.

Concurrently with the offering, goeasy expects to enter into a currency swap agreement to fix the foreign currency exchange rate for the proceeds from the offering. This is expected to reduce the effective cost of borrowing of the notes when converted into Canadian currency.

The offering, which is scheduled to close July 25, will raise about C$275.8 million after deducting fees and expenses and subject to adjustment as a result of the currency swap.

The proceeds will be used for general corporate purposes, including debt repayment.

goeasy, a consumer lender that provides financial services to Canadians with non-prime credit, rose 2.3% to $192.21 per share yesterday.