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Invesque Inc. Announces Restrictions to Previously Announced 8.75% Convertible Debenture Partial Redemption
Invesque Inc. Announces Restrictions to Previously Announced 8.75% Convertible Debenture Partial ...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Restrictions to Previously Announced 8.75% Convertible Debenture Partial Redemption\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 Aug. 7, 2023\n \n \n /CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the \"\n \n Company\n \n \" or \"\n \n Invesque\n \n \") today announced that in connection with the Company's ongoing negotiations with its primary credit facility lender, KeyBank National Association (\"\n \n KeyBank\n \n \" or the \"\n \n Lender\n \n \") to refinance or extend the maturity date on its existing credit facility (the \"\n \n Credit\n \n \n Facility\n \n \") between the Company and KeyBank, it has agreed to certain payment restrictions in an amendment to the Credit Facility (the \"\n \n Amendment\n \n \").\n \n \n The Amendment includes a restriction on the amount that the Company will pay debentureholders towards the partial redemption currently scheduled to occur on\n \n September 30, 2023\n \n (\"\n \n Partial Redemption\n \n \") of the Company's 8.75% convertible debentures due on\n \n September 30, 2026\n \n (\"\n \n 8.75% Convertible Debentures\n \n \"). Specifically, the Company is restricted under the terms of the Amendment from redeeming more than\n \n US$4.828 million\n \n (10% of the outstanding principal balance) of the principal amount of the 8.75% Convertible Debentures under the Partial Redemption.\n \n \n \"Negotiating an extension or refinance with KeyBank is our highest priority,\" commented\n \n Adlai Chester\n \n , the recently named Chief Financial Officer of Invesque. \"The Company continues to work closely with KeyBank to refinance the existing Credit Facility, and we are optimistic that all parties will work together to agree on terms in the near future.\"\n \n \n \n About Invesque\n \n \n The Company is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic in\n \n North America\n \n will continue to utilize health care services in growing proportion to ...