Boyd Closes Financing Deal
September 28, 2011

Boyd Income Fund, which owns Boyd Autobody and Glass, Gerber Collision and Glass and Gerber National Glass Services, has closed a financing deal that includes the previously announced sale of 200,000 shares by Eddie Cheskis, chief executive officer of Gerber's glass division.

The shares were sold as part of a bought deal financing with a syndicate of underwriters led by Cormark Securities Inc. and CIBC World Markets Inc., acting as co-leads and joint bookrunners, and including National Bank Financial, and Octagon Capital Corp. The underwriters purchased a total of 1,963,231 units, comprised of 1,300,000 trust units from the company's treasury; 463,231 units being sold from entities under the control or direction of Terry Smith, executive chairman of Boyd Group Income Fund; and the 200,000 units being sold by Cheskis at a price of $10.75 per unit. The units were offered to the public by way of short form prospectus, according to a statement from Boyd.

The underwriters also received the option, exercisable in whole or in part at any time up to 30 days after the closing of the offering, to purchase from treasury up to an additional 195,000 Units for market stabilization purposes and to cover over-allotments, if any.

The net proceeds of deal will be used "to reduce debt levels and position the Fund for future growth and development," according to Boyd.

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