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Financings

Tiny Announces Bond Offering and Issuer Bid for Debentures

By The Northwire Desk — AI Analysis Feb 02, 2026 · 07:02 TINY · 7.61 TINY LTD CAD
TINY · Price

Executive Summary

  • Tiny Ltd. has mandated Pareto Securities to arrange investor meetings for a proposed private placement of up to US$110 million of fixed‑rate senior secured bonds due 2031, with an optional tap issuance of another US$40 million.
  • The company will use net proceeds to refinance its existing secured convertible debentures (due May 12 2030) and for general working capital, simplifying the balance sheet and extending debt maturities.
  • An issuer bid is being launched to repurchase the outstanding debentures; holders tendering $1,000 principal will receive $1,181.73 cash, plus 12.5 Class A common share purchase warrants exercisable at $12 per share for five years.

Key Details

  • Bond Offering:
  • Up to US$110 million of fixed‑rate senior secured bonds due 2031.
  • Optional tap issuance of up to US$40 million subject to an incurrence test.

  • Expected closing: Q1 2026, contingent on customary conditions and completion of the debenture repurchase.

  • Lead Managers & Syndicate:

  • Global Lead Manager/Bookrunner – Pareto Securities AS.
  • Joint Manager – ATB Cormark Capital Markets.

  • Additional syndicate members: Canaccord Genuity Corp., Roth Canada, Inc.

  • Issuer Bid (Offer) for Debentures:

  • Target: Secured convertible debentures due May 12 2030 (principal amount outstanding).
  • Consideration per $1,000 principal tendered:
    • Cash: $1,181.73 plus accrued interest.
    • Warrants: 12.5 Class A common share purchase warrants, each warrant for one share at $12.00 exercise price, exercisable for five years.

  • Offer conditional on receipt of at least two‑thirds of outstanding debentures and closing of the Bond Offering.

  • Support Agreements:

  • Debentureholders representing ≈45 % of total principal ($16.2 million) have entered into lock‑up/support agreements to tender their holdings.

  • Use of Proceeds:

  • Primarily to refinance existing debt (including the debentures).

  • Remaining funds for general working capital, aiming to lower cost of capital and increase liquidity.

  • Advisors & Valuation:

  • Financial advisor for the Offer – Canaccord Genuity Corp.

  • BDO Canada LLP prepared a valuation of the debentures and warrants per MI 61‑101.

  • Regulatory Notes:

  • Securities not registered under U.S. securities laws; offering will be made on exemption basis in Canada.

Notable Quotes

(No direct CEO/President quotes were included in the release.)

Read the original news release →

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