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Invesque Inc. Announces Proposed Enhancements to the Terms of its 6.00% 2018 Convertible Debentures Due September 30, 2023
Invesque Inc. Announces Proposed Enhancements to the Terms of its 6.00% 2018 Convertible Debentur...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Proposed Enhancements to the Terms of its 6.00% 2018 Convertible Debentures Due September 30, 2023\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 April 10, 2023\n \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 6.00% 2018 Convertible Debentures due\n \n September 30, 2023\n \n (TSX: IVQ.DB.V) (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 May 23, 2023\n \n (the \"\n \n Meeting\n \n \").\n \n \n The proposed amendments (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 6.00% to 8.75%, effective\n \n September 30, 2023\n \n ;\n \n \n DECREASING the conversion price from\n \n US$10.70\n \n to\n \n US$2.75\n \n per share of Invesque;\n \n \n EXTENDING the maturity date from\n \n September 30, 2023\n \n to\n \n September 30, 2026\n \n ; and\n \n \n REDEEMING, on a pro rata basis,\n \n US$22,000,000\n \n (representing approximately 46%) 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 September 30, 2023\n \n .\n \n \n \n All remaining Amended Debentures will (if not redeemed or converted) be repaid by Invesque at the extended maturity date of\n \n September 30, 2026\n \n pursuant to the terms of the indenture governing the Amended Debentures.\n \n \n If the Debenture Amendments are approved by the Debentureholders, the effective date of the Debenture Amendments (other than the increase to the interest rate) will be on the date that Invesque enters into a...