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Invesque Inc. Announces Proposed Enhancements to the Terms of its 5.00% 2016 Convertible Debentures Due January 31, 2022
Invesque Inc. Announces Proposed Enhancements to the Terms of its 5.00% 2016 Convertible ...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Proposed Enhancements to the Terms of its 5.00% 2016 Convertible Debentures Due January 31, 2022\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 TORONTO\n \n ,\n \n Sept. 27, 2021\n \n /CNW/ - Invesque Inc. (the \"\n \n Corporation\n \n \" or \"\n \n Invesque\n \n \") (TSX: IVQ) (TSX: IVQ.U) announced today that it will seek the approval of holders of its 5.00% 2016 Convertible Debentures due\n \n January 31, 2022\n \n (TSX: IVQ.DB.U) (the \"\n \n Debentures\n \n \") to enhance the terms of the Debentures at a meeting of the holders of the Debentures (the \"\n \n Debentureholders\n \n \") to be held on\n \n \n November 2, 2021\n \n \n (the \"\n \n Meeting\n \n \").\n \n \n The proposed enhancements (the\n \n \"Debenture Amendments\"\n \n ) to the Debentures (as amended by the Debenture Amendments, the\n \n \"Amended Debentures\"\n \n ), if approved by the Debentureholders, will result in:\n \n \n \n INCREASING the underlying interest rate from 5.00% to 6.25%, effective\n \n January 31, 2022\n \n ;\n \n \n DECREASING the conversion price from\n \n US$11.00\n \n to\n \n US$6.00\n \n per share of Invesque;\n \n \n EXTENDING the maturity date from\n \n January 31, 2022\n \n to\n \n January 31, 2025\n \n ; and\n \n \n REEDEMING, on a pro rata basis,\n \n US$10,000,000\n \n (representing approximately 22.23%) of the principal amount of the Amended Debentures outstanding, plus accrued and unpaid interest thereon to, but excluding, the date of the redemption (the\n \n \"Partial Redemption\"\n \n ), which will occur on\n \n January 31, 2022\n \n .\n \n \n \n Other than the Partial Redemption, the Debenture Amendments will provide that the Amended Debentures are not redeemable prior to\n \n January 31, 2024\n \n and, at any time after\n \n January 31, 2024\n \n , Invesque shall be permitted to redeem the Amended Debentures, in whole or in part at a price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the date of the redemption provided that the market pr...