On May 27, 2025, Alaris Equity Partners Income Trust filed a final short form prospectus for a proposed public offering of $80 million principal amount of 6.50% convertible unsecured subordinated debentures due June 30, 2029. The debentures were to bear interest at 6.50% per annum, payable semi-annually on June 30 and December 31, starting December 31, 2024, and be convertible into trust units at US$14.67 (approx. C$20.06), or 68.17 units per $1,000 principal. Alaris intended to list them on the TSX under the symbol “AD.DB”.

The offering closed on June 2, 2025, with $80 million in debentures issued at $1,000 each, and a 30-day over-allotment option of up to $12 million granted to underwriters. The maturity date was extended to June 30, 2030, with interest payments beginning December 31, 2025. Trading began on the TSX under “AD.DB.B”.

Proceeds were used to partially repay indebtedness under the senior debt facility, enhancing capital flexibility. The syndicate of underwriters was led by National Bank Financial, CIBC, and Desjardins, with legal counsel from Burnet, Duckworth & Palmer LLP and Torys LLP. The offering aligns with Alaris’ strategy of supporting private companies across North America.