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Baylin Announces Filing of Solicitation Materials Seeking Approval for Amendments to its Convertible Debentures
Baylin Announces Filing of Solicitation Materials Seeking Approval for Amendments to its Converti...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Announces Filing of Solicitation Materials Seeking Approval for Amendments to its Convertible Debentures\n \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 Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 25, 2023\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"\n \n Company\n \n \") announced today that the consent and proxy solicitation materials (the \"\n \n Solicitation Materials\n \n \"), in which it is seeking approval (the \"\n \n Solicitation\n \n \") of the holders of its 6.5% Extendible Convertible Unsecured Debentures due\n \n July 10, 2023\n \n (the \"\n \n Debentures\n \n \") to amend (the \"\n \n Amendments\n \n \") the indenture governing the Debentures dated\n \n July 10, 2018\n \n (as amended, the \"\n \n Indenture\n \n \") have been mailed to holders of the Debentures and filed under the Company's SEDAR profile at\n \n www.sedar.com\n \n .\n \n \n \n \n \n \n \n \n \n The Amendments (if approved by the holders) would (i) extend the maturity date of the Debentures from\n \n July 10, 2023\n \n to\n \n June 30, 2026\n \n , (ii) increase the interest rate on the Debentures from 6.5% to 8.5%, effective\n \n June 30, 2023\n \n , (iii) reduce the conversion price of the Debentures from\n \n $3.85\n \n to\n \n $1.00\n \n per common share of the Company, and (iv) amend the definition of \"Change of Control\" to permit the Company's Chairman,\n \n Jeffrey C. Royer\n \n , and related parties to acquire 66 2/3% or more of the common shares of the Company without it constituting a Change of Control.\n \n \n In order for the Amendments to become effective, the Company must obtain the written consent of Debentureholders representing at least 66 2/3% of the\n \n $5,115,000\n \n principal amount of the outstanding Debentures or the approval of Debentureholders representing at least 66 2/3% of the principal amount of the Debentures present in person or represented by proxy at a meeting of holders of the Debentures, which has been called for\n \n June 20, 2023\n \n . Further details regarding the Solicitation can be ...