- In response to demand, Offer increased to acquire up to
$160 million (increased from$100 million ) aggregate principal amount of the Original Debenture $140 million aggregate principal amount of the 6.50% senior unsecured extendible convertible debentures dueNovember 1, 2028 to be issued, assuming take up and payment of the full$160 million aggregate principal amount of 3.75% senior unsecured convertible debentures dueMarch 1, 2026
Pursuant to the amendment and extension, the terms of which are set out in a notice of variation and extension dated
In connection therewith, the Company has entered into a written agreement with
All other terms of the Offer remain unchanged. Details of the Offer, including instructions for tendering Original Debentures, are included in the formal offer to purchase and issuer bid circular dated
In connection with the upsized Offer, the Company has also amended and restated a support agreement previously entered into in connection with the Offer. In the aggregate, debentureholders signing support agreements have agreed to tender approximately
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company's current expectations regarding future events, including with respect to the Company's strategic review of its non-core assets, the independent growth thereof, the timing and completion of the Offer as amended by the Notice of Variation, the number of Original Debentures that will be taken up and paid for and ultimately remain outstanding following such take up and payment, and in respect of the Company's plan to improve the flexibility of its balance sheet and reduce its convertible debt. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the risk that the Company is not able to effect a transaction in respect of its non-core assets and, that if it is, the results do not result in deleveraging, and the factors discussed under "Risk Factors" in the Company's most recent annual information form and "Risks and Uncertainties" in the Company's most recent management discussion & analysis on SEDAR+ at www.sedarplus.ca.
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