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Ainsworth Lumber Completes $175M Rights Offering

Ainsworth Lumber Co. Ltd. (ANS.TO) has completed its previously announced rights offering raising gross proceeds of $175 million. A total of 140 million common shares were purchased.

Pursuant to the basic subscription privilege, approximately 138.8 million common shares were subscribed for by rightholders, including approximately 77 million by Ainsworth's largest shareholder, Brookfield Asset Management Inc.

The net proceeds from the offering have been used to repay in full all remaining amounts owed under the company's 11% Senior Unsecured Notes due 2015, including amounts owed to certain funds managed by Brookfield.

ANS shares fell eight cents to $2.69.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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