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5N Plus Announces Partial Redemption of 5.75% Convertible Unsecured Subordinated Debentures
5N Plus Announces Partial Redemption of 5.75% Convertible Unsecured Subordinated Debenture...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\n\n\n5N Plus Announces Partial Redemption of 5.75% Convertible Unsecured Subordinated Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, May 29, 2018\n\n\n\nMONTRÉAL, May 29, 2018 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) (\"5N Plus\" or the \"Company\"), a leading producer of engineered materials, announced today that it has exercised its right to partially redeem its 5.75% convertible unsecured subordinated debentures maturing on June 30, 2019 (the \"Debentures\"). On July 3, 2018 (the \"Redemption Date\"), 5N Plus will redeem Debentures in an aggregate principal amount of CA$40 million. On redemption, 5N Plus will pay to the holders of redeemed Debentures a redemption price (the \"Redemption Price\") equal to the principal amount of the Debentures, plus accrued and unpaid interest up to but excluding the Redemption Date, for a total of CA$1,000.32 per CA$1,000 principal amount of Debentures. Following such partial repayment, the aggregate principal amount of Debentures outstanding shall be CA$26 million. 5N Plus intends to use available funds to pay the Redemption Price of the redeemed Debentures.\n\nRichard Perron, Chief Financial Officer, commented \"The transformation initiated with the launch of our strategic plan, 5N21, enabled the Company to strengthen its balance sheet and recently close a senior secured revolving credit facility agreement on favorable terms, supporting the partial early redemption of our convertible unsecured subordinated debentures in order to reduce our current cost of gross debt. The Company may decide, in time, to re-issue a similar debt instrument as part of its capital structure to fund strategic initiatives\".\n\nThe Debentures to be redeemed shall be selected by the Debenture trustee on a pro rata basis to the nearest multiple of CA$1,000 in accordance with the principal amount of the Debentures registered in the name of each holder or in such other manner as the Debenture trustee deems equitable.\n\nAbout 5N Plus Inc.\n\n5N Plus is a leading producer of engineered materials. Fully integra...