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Centric Health Announces Intention to Purchase 6.75% October 2017 Convertible Notes by Way of Normal Course Issuer Bid
Centric Health Announces Intention to Purchase 6.75% October 2017 Convertible Notes by Way...
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[{"type":"text","content":"\n\n\n\nCentric Health Announces Intention to Purchase 6.75% October 2017 Convertible Notes by Way of Normal Course Issuer Bid\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\nTORONTO, Dec. 20, 2016\n\n\n\nTORONTO, Dec. 20, 2016 /CNW/ - Centric Health Corporation (\"Centric Health\" or \"the Company\") (TSX: CHH), Canada's leading diversified healthcare services company, today announced it intends to purchase through the facilities of the Toronto Stock Exchange (\"TSX\") for cancellation up to $2.75 million principal amount, representing 10% of the $27.5 million principal amount issued and outstanding at the date hereof of its Unsecured Subordinated Convertible Notes maturing on October 31, 2017 bearing interest at 6.75% (the \"October 2017 Notes\") (TSX:CHH.NT) by way of normal course issuer bid (\"NCIB\"). The NCIB has received TSX approval and will commence on December 23, 2016 and expire on October 30, 2017 unless terminated earlier by the Company. The Company intends to carry out the NCIB pursuant to an automatic purchase plan. \n\n\"Our intention to purchase the October 2017 Notes under an NCIB represents the next step in our strategy to simplify our balance sheet and reduce our cost of finance through refinancing, redemption and/or extending debt maturities,\" said David Cutler, President and Chief Executive Officer of Centric Health. \"The proposed purchase of the October 2017 Notes will further reduce our interest expense going forward, generating additional free cash flow to invest in our growth opportunities and drive long-term shareholder value.\"\n\nThe consideration that the Company will pay for any October 2017 Notes it acquires under the NCIB will be in cash at such price or prices as may be determined by the board of directors of the Company or as the board of directors of the Company may delegate from time to time and in accordance with the rules of the TSX.\n\nUnder TSX rules, the Company will be allowed to purchase daily, through the facilities of the TSX, a maximum of $10,566.93 principal amount of the October 2017 Notes representin...