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Centric Health Announces Successful Refinancing and Reduction of April 2016 Convertible Notes
Centric Health Announces Successful Refinancing and Reduction of April 2016 Convertible No...
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[{"type":"text","content":"\n\n\n\nCentric Health Announces Successful Refinancing and Reduction of April 2016 Convertible Notes\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCentric Health Announces Successful Refinancing and Reduction of April 2016 Convertible Notes\nCanada NewsWire\nTORONTO, April 11, 2016\n\n\n\n– Holders of $9,080,000 principal amount $15 Million Notes Agree to Extend Maturity to July 31, 2017 –\n\n\n\nTORONTO, April 11, 2016 /CNW/ - Centric Health Corporation (\"Centric Health\" or the \"Company\") (TSX: CHH) today announced that holders of $9,080,000 principal amount of the Company's $15,000,000 subordinated, unsecured 5.5% convertible notes (the \"Noteholders\") maturing April 30, 2016 (\"Convertible Notes\") have agreed to extend the maturity date of their Convertible Notes to July 31, 2017 in accordance with the terms and conditions of a previously announced extension offer (the \"Extension Offer\"). This represents approximately 61% of the principal outstanding Convertible Notes with the remaining approximately 39% to be redeemed in cash at 100% of par value. An aggregate of approximately 75% of the Noteholders that agreed to the Extension Offer are insiders of the Company. \n\n\"The refinancing and reduction of the April 2016 Convertible Note's represents another meaningful step by Centric Health to significantly reduce leverage and interest expense and simplify its balance sheet,\" said David Cutler, President and Chief Executive Officer, Centric Health Corporation.  \"These actions pave the way for increased financial flexibility to execute on our strategy and create meaningful, sustainable stakeholder value.  The support for the strategy is demonstrated by the significant participation by insiders in the Amended and Restated Convertible Notes.\" \n\nExtension of 5.5% April 2016 Convertible Notes\n\nThe Extension Offer was made on March 22, 2016 pursuant to which the Company made an offer to the Noteholders on the following terms: (i) the maturity date would be extended from April 30, 2016 to July 31, 20...