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DATA Group Ltd. to Redeem $33.5 million of its 6.00% Convertible Unsecured Subordinated Debentures and Issue Common Shares to Satisfy Redemption Price; Provides Update on Capital Structure Review, including Senior Credit Facility Refinancing Proposals
DATA Group Ltd. to Redeem $33.5 million of its 6.00% Convertible Unsecured Subordinated De...
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\nDATA Group Ltd. to Redeem $33.5 million of its 6.00% Convertible Unsecured Subordinated Debentures and Issue Common Shares to Satisfy Redemption Price; Provides Update on Capital Structure Review, including Senior Credit Facility Refinancing Proposals\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\nDATA Group Ltd. to Redeem $33.5 million of its 6.00% Convertible Unsecured Subordinated Debentures and Issue Common Shares to Satisfy Redemption Price; Provides Update on Capital Structure Review, including Senior Credit Facility Refinancing Proposals\nCanada NewsWire\nBRAMPTON, ON, Nov. 12, 2015\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\n\n\nBRAMPTON, ON, Nov. 12, 2015 /CNW/ - DATA Group Ltd. (TSX: DGI) (\"DATA Group\" or the \"Company\") today announced that it will redeem $33.5 million aggregate principal amount of its $44.7 million outstanding 6.00% convertible unsecured subordinated debentures (the \"Debentures\") as of December 23, 2015 (the \"Redemption Date\") upon payment of a redemption amount of $1,000 for each $1,000 principal amount of Debentures (the \"Redemption Price\") plus accrued and unpaid interest thereon up to but excluding the Redemption Date. The Company has elected to satisfy its obligation to pay the Redemption Price by issuing and delivering to holders of Debentures redeemed common shares of DATA Group (the \"Shares\") in lieu of cash. The redemption of the Debentures will be completed in accordance with the terms of the amended and restated trust indenture dated as of January 1, 2012 (the \"Trust Indenture\") between DATA Group and Computershare Trust Company of Canada (the \"Debenture Trustee\"), which governs the Debentures, and does not require the consent of Debenture holders.\n\nOver the past several months, DATA Group has conducted a comprehensive review of its capital structure in order to improve its financial flexibility and better position the Company for long-term growth.  In particular, the Company has reviewed: potential means to refinance ...