Business
Invesque Inc. Provides Update on Transactions, Refinancings, and Update to Proposed Amendments to the Terms of Convertible Unsecured Subordinated Debentures and the Exchange of Preferred Shares for Common Shares
Invesque Inc. Provides Update on Transactions, Refinancings, and Update to Proposed Amendments to...
About this update from Invesque Inc
[{"type":"text","content":"\n\n\n\n Invesque Inc. Provides Update on Transactions, Refinancings, and Update to Proposed Amendments to the Terms of Convertible Unsecured Subordinated Debentures and the Exchange of Preferred Shares for Common Shares\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 Oct. 17, 2024\n \n\n /CNW/ - Invesque Inc. (TSX: IVQ.U) and (TSX: IVQ) (the \"\n \n Company\n \n \" or \"\n \n Invesque\n \n \") today announced several transaction and refinancing updates, as well as changes to the previously announced proposed amendments to the Company's debentures and preferred share exchange.\n \n\n\n\n Transaction & Refinancing Updates\n \n\n\n\n\n On\n \n September 23, 2024\n \n , the Company sold a skilled nursing facility in\n \n Illinois\n \n for\n \n US$16.5 million\n \n . Proceeds from the sale were used to reduce borrowings under the KeyBank credit facility. Following the completion of this sale, Invesque owns only two skilled nursing facilities.\n \n\n\n\n On\n \n October 15, 2024\n \n , the Company sold seven seniors housing assets in\n \n Maryland\n \n (3),\n \n Virginia\n \n (3) and\n \n Tennessee\n \n (1) that were previously managed by Commonwealth Senior Living (\"CSL\") for\n \n US$65.4 million\n \n (\n \n US$184k\n \n per unit). The Company used sale proceeds to pay off the property level mortgage debt associated with the communities, and further reduce borrowings under the KeyBank credit facility by\n \n US$6.1 million\n \n . The remaining cash in the amount of\n \n US$7.8 million\n \n was retained by the Company to maintain appropriate liquidity levels.\n \n\n\n\n During the first three quarters of 2024, Invesque has completed nearly\n \n US$270.0 million\n \n in refinancings, better positioning its balance sheet and current debt maturities. More than\n \n US$53.0 million\n \n of these refinancings have been on assets previously encumbered by the Company's KeyBank credit facility, under which borrowings have been reduced by over\n \n US$100.0 million\n \n to date in 2024.\n \n\n\n\n The Company has ...