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Taiga Announces the Expiration of Exchange Offer and Consent Solicitation for Its Outstanding 14% Subordinated Unsecured Notes Due 2020
Taiga Announces the Expiration of Exchange Offer and Consent Solicitation for Its Outstand...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\nTaiga Announces the Expiration of Exchange Offer and Consent Solicitation for Its Outstanding 14% Subordinated Unsecured Notes Due 2020\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\nCanada NewsWire\nBURNABY, BC, Nov. 10, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nBURNABY, BC, Nov. 10, 2017 /CNW/ - Taiga Building Products Ltd. (\"Taiga\" or the \"Company\") (TSX: TBL & TBL.NT) announced today the expiration of its previously announced offer (the \"Exchange Offer\"), on the terms and subject to the conditions set forth in the Company's Exchange Offer and Consent Solicitation Statement dated September 29, 2017 (the \"Exchange Offer Circular\"), to purchase any and all of its outstanding 14% subordinated unsecured notes (the \"Existing Notes\") in exchange for new 7% senior notes of Taiga (the \"New Notes\") due five years from the date of issuance, common shares of Taiga (\"Common Shares\") at a rate of 833.33 Common Shares for each $1,000 principal amount of Existing Notes (the \"Share Option\"), or any combination of the foregoing at the option of the holder. \n\nIn connection with the Exchange Offer, Taiga also solicited the consents (the \"Consent Solicitation\") of the holders of the Existing Notes to adopt certain amendments to the indenture governing the Existing Notes in order to eliminate substantially all of the restrictive covenants, certain events of default and other related provisions (the \"Proposed Amendments\"). The Exchange Offer and Consent Solicitation expired at 5:00 p.m. (Vancouver time) on November 8, 2017 (the \"Expiration Time\").  \n\nAn aggregate of $113,920,353 principal amount of Existing Notes, representing approximately 88.4% of the Existing Notes outstanding, were validly tendered and not withdrawn prior to the Expiration Time. Holders of Existing Notes who participated in the Exchange Offer elected to exchange their Existing Notes for an aggregate of $12,500,000 principal amount of New Notes and 84,415,498 Common Shares. Taiga intends to take up ...