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Exchange Income Corporation Announces Early Redemption of 7 Year 5.25% Debentures Due January 15, 2029
Exchange Income Corporation (“ EIC ” or the “ Corporation ”) ...
About this update from Exchange Income Corporation
[{"type":"text","content":"Exchange Income Corporation Announces Early Redemption of 7 Year 5.25% Debentures Due January 15, 2029\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n Exchange Income Corporation (“\n \n EIC\n \n ” or the “\n \n Corporation\n \n ”) (TSX: EIF) announced today that it has delivered notice to the holders of the Corporation’s outstanding 7 Year 5.25% Convertible Unsecured Subordinated Debentures due January 15, 2029 (the “\n \n Debentures\n \n ”) that pursuant to Section 4.2 of the trust indenture governing the Debentures dated December 6, 2021 (the “\n \n Trust Indenture\n \n ”), the Corporation will, effective December 2, 2025 (the “\n \n Redemption Date\n \n ”), redeem all issued and outstanding Debentures, plus accrued interest thereon.\n \n\n The Corporation is taking the step to redeem these Debentures as the current market price of EIC’s common shares is greater than 125% of the conversion price of the Debentures of $60.00, which permits the Corporation to redeem the Debentures in accordance with the Trust Indenture. In accordance with the Trust Indenture, holders of these Debentures may convert the outstanding Debentures into common shares of EIC at a price of $60.00 per share, which is at a discount to the closing price of EIC’s common shares on October 28, 2025, the date of this press release.\n \n\n The Corporation encourages individual holders of Debentures (“\n \n Debentureholders\n \n ”) to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Corporation.\n \n\n There are currently 114,798 Debentures issued and outstanding in the aggregate principal amount of $114,798,000 ($1,000 per Debenture) as at the date hereof. Accordingly, on the Redemption Date, subject to compliance with the Trust Indenture, the holder of each Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,020.1369863, comprised of a principal repayment of $1...