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Boyd Group Income Fund Announces Completion of Redemption of Convertible Debentures
Boyd Group Income Fund Announces Completion of Redemption of Convertible Debentures ...
About this update from Boyd Group Services Inc
[{"type":"text","content":"\n\n\n\nBoyd Group Income Fund Announces Completion of Redemption of Convertible 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\nWINNIPEG, Nov. 3, 2017\n\n\n\nWINNIPEG, Nov. 3, 2017 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN) (the \"Fund\" or the \"Boyd Group\") announced today that it has completed the early redemption and cancellation of its 5.25% Convertible Unsecured Subordinated Debentures due October 31, 2021 (the \"Debentures\") on November 2, 2017 (the \"Redemption Date\").\n\nSubsequent to the initial announcement of the early redemption, $52,376,000 principal amount of the Debentures were converted into 853,027 units of the Fund using a conversion price of $61.40 per Trust Unit (the \"Conversion Price\") as stated in the Trust Indenture dated as of September 29, 2014 (the \"Trust Indenture\"). The remaining $2,547,000 in Debentures were redeemed and cancelled at a Redemption Price equal to the outstanding principal amount of the Debentures divided by 95% of the Current Market Price of the Trust Units (which equalled $87.84 per Unit). In accordance with the terms of the Trust Indenture, the Fund elected to pay the Redemption Price by issuing 28,995 Freely Tradeable Trust Units to the Holders. The Fund paid $8,545 in cash both for the accrued and unpaid interest, up to but excluding the Redemption Date, on the Debentures and in lieu of any fractional Trust Units that would otherwise be issued.\n\nAs of November 3, 2017, the Fund has 19,513,454 Trust Units issued and outstanding.\n\nCapitalized terms used above and not defined herein shall have the meaning ascribed to them in the Trust Indenture.\n\nAbout The Boyd Group Income FundThe Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. The Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit ou...