Business
TransForce Announces Normal Course Issuer Bid for 5.65% Convertible Debentures
MONTREAL , Dec. 27, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American l...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\nMONTREAL, Dec. 27, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the\n transportation and logistics industry, today announced that its Board\n of Directors has authorized TransForce to purchase for cancellation, by\n way of normal course issuer bid, up to $8,477,300 principal amount of TransForce's 5.65% convertible unsecured\n subordinated debentures issued on September 7, 2011 and maturing on\n September 30, 2018. The maximum repurchase amount represents 10% of the\n public float of $84,773,000 principal amount of 5.65% Convertible\n Debentures.\n\n\nThe normal course issuer bid is subject to the acceptance of the Toronto\n Stock Exchange and will be in place for a period of twelve months\n starting December 31, 2013 and ending on December 30, 2014. As of the\n date hereof, there is $84,773,000 principal amount of 5.65% Convertible\n Debentures issued and outstanding.\n\n\n\"Given the free cash flow generated by our operations, the Board of\n Directors of TransForce believes that the proposed normal course issuer\n bid represents an appropriate use of the Company's financial\n resources\", commented Alain Bédard, TransForce's Chairman of the Board,\n President and Chief Executive Officer.\n\n\nPurchases under the normal course issuer bid will be made in accordance\n with the requirements of the TSX at market prices through the\n facilities of the TSX. The average daily trading volume of the 5.65%\n Convertible Debentures over the last six completed calendar months was\n $150,563 principal amount. Accordingly, under the rules and policies of the TSX,\n TransForce will be entitled to purchase, on any one trading day, a\n maximum of $37,640 principal amount of the 5.65% Convertible\n Debentures, representing 25% of the average daily trading volume. In\n addition, TransForce may make once per calendar week a block purchase\n (as such term is defined in the TSX Company Manual) of 5.65%\n Convertible Debentures not directly or indirectly owned by insiders of\n TransForce, in accordance with the requirements of the TSX.\n\n\nTo the knowledge of TransForce, no director or senior officer, including\n the CEO, and no person acting jointly or in concert with TransForce\n currently intends to sell any 5.65% Convertible Debentures during the\n course of the normal course issu...