Liquor Stores Income Fund today announced the successful completion of its $43 million initial public offering. The fund is now Alberta’s largest liquor store retailer with 50 stores.

The units commenced trading on The Toronto Stock Exchange at the opening today under the symbol LIQ.UN.

The fund used the proceeds of the offering to acquire a 50.6% interest in Liquor Stores Limited Partnership (Liquor Stores LP). Liquor Stores LP subsequently used these proceeds and borrowings under its credit facility to acquire 50 liquor stores from The Liquor Depot Corp. (Liquor Depot) and Liquor World Group Inc. (Liquor World). The remaining 49.4% interest in Liquor Stores LP is held by Liquor Depot, Liquor World and associated entities.

The fund intends to make monthly distributions of its distributable cash, estimated at $1 per unit annually. The first distribution to unitholders is expected to be made on November 15, for the period from September 28 to October 31, and is estimated to be 9.16¢ per unit.

The underwriting syndicate for the offering of 4.3 million unites was led by RBC Capital Markets and included TD Securities Inc., Canaccord Capital Corp., HSBC Securities (Canada) Inc. and Raymond James Ltd.