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Baylin Technologies Confirms Amendments to Convertible Debentures and Cancellation of Debentureholder Meeting
Baylin Technologies Confirms Amendments to Convertible Debentures and Cancellation of Debentureho...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Technologies Confirms Amendments to Convertible Debentures and Cancellation of Debentureholder Meeting\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 June 19, 2023\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) ( the \"\n \n Company\n \n \") is pleased to announce that the holders (the \"\n \n Debentureholders\n \n \") of its 6.5% Extendible Convertible Unsecured Debentures due\n \n July 10, 2023\n \n (the \"\n \n Debentures\n \n \") have approved the previously announced proposed amendments (the \"\n \n Amendments\n \n \") to the indenture governing the Debentures between the Company and Computershare Trust Company of\n \n Canada\n \n , as debenture trustee (the \"\n \n Debenture\n \n \n Trustee\n \n \"), dated as of\n \n July 10, 2018\n \n (as amended, the \"\n \n Indenture\n \n \"), and have authorized the Company and the Debenture Trustee to enter into a supplemental indenture (the \"\n \n Supplemental Indenture\n \n \") giving effect to the Amendments.\n \n \n \n \n \n \n \n \n \n The Amendments, once effected, will result in (i) an extension to the maturity date of the Debentures from\n \n July 10, 2023\n \n to\n \n June 30, 2026\n \n , (ii) an increase in the interest rate on the Debentures from 6.5% to 8.5%, effective\n \n June 30, 2023\n \n , (iii) a reduction in 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) an amendment to the definition of \"Change of Control\" in the Indenture 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 Debentureholders representing 71.7% of the outstanding principal amount of the Debentures have provided consent in favour of an extraordinary resolution approving the Amendments, which exceeds the 66 2/3% threshold required under the Indenture. As a result, the meeting of Debentureholders scheduled for\n \n June 20, 202...