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Invesque Inc. Announces Approval of Amendments to its 8.75% Convertible Unsecured Subordinated Debentures Due September 30, 2026 and Notice of Partial Redemption of the Debentures
Invesque Inc. Announces Approval of Amendments to its 8.75% Convertible Unsecured Subordinated De...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Approval of Amendments to its 8.75% Convertible Unsecured Subordinated Debentures Due September 30, 2026 and Notice of Partial Redemption of the Debentures\n \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 Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 26, 2023\n \n \n /CNW/ - Invesque Inc. (the \"\n \n Corporation\n \n \" or \"\n \n Invesque\n \n \") (TSX: IVQ) (TSX: IVQ.U) is pleased to announce that holders (the \"\n \n Debentureholders\n \n \") of its 8.75% Convertible Unsecured Subordinated Debentures due\n \n September 30, 2026\n \n (TSX:IVQ.DB.V) (the \"\n \n Debentures\n \n \") passed an extraordinary resolution approving certain amendments to the Debentures (the \"\n \n Amendments\n \n \") at a meeting of Debentureholders held today (the \"\n \n Meeting\n \n \"). The Amendments to the Debentures will result in:\n \n \n \n CHANGING the date of the partial redemption of the Debentures (the \"\n \n Partial Redemption\n \n \") to\n \n October 5, 2023\n \n (the \"\n \n Redemption Date\n \n \") and REDUCING the amount to be redeemed by the Corporation pursuant to the partial redemption from a principal amount of\n \n US$22,000,000\n \n to a principal amount of\n \n US$4,828,000\n \n , plus accrued and unpaid interest thereon to, but excluding, the date of the redemption, to be payable in cash on\n \n October 5, 2023\n \n ;\n \n \n DECREASING the conversion price of the Debentures from\n \n US$2.75\n \n to\n \n US$1.10\n \n per share;\n \n \n ADDING a covenant that the Corporation shall not make any cash repayment or redemption of principal on the Corporation's outstanding 7.00% convertible unsecured subordinated debentures due\n \n January 31, 2025\n \n (the \"\n \n 7% Debentures\n \n \") whether before, on or after the maturity date of the 7% Debentures unless, prior to or contemporaneously with the repayment or redemption of 7% Debentures, it redeems or repays for cash an equal principal amount of the Amended Debentures; and\n \n \n ADDING a covenant that the Corporation shall not issue (i) a ne...