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WILDBRAIN EXERCISES SHARE REPAYMENT ELECTION IN RESPECT OF EXCHANGEABLE DEBENTURES
WILDBRAIN EXERCISES SHARE REPAYMENT ELECTION IN RESPECT OF EXCHANGEABLE DEBENTURES Cana...
About this update from Wildbrain Ltd.
[{"type":"text","content":"\n \n \n \n WILDBRAIN EXERCISES SHARE REPAYMENT ELECTION IN RESPECT OF EXCHANGEABLE DEBENTURES\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 May 30, 2023\n \n \n /CNW/ - WildBrain Ltd. (\"\n \n WildBrain\n \n \" or the \"\n \n Company\n \n \") (TSX: WILD), a global leader in kids' and family entertainment, announced today that Wildbrain Holdings LLC, a wholly-owned subsidiary of the Company (the \"\n \n Issuer\n \n \"), intends to repay the\n \n US$18.5 million\n \n principal amount in outstanding exchangeable secured debentures issued by the Issuer (the \"\n \n Debentures\n \n \") by exercising its option to deliver variable voting shares to the holders of the Debentures.\n \n \n \n \n \n \n \n \n \n The Debentures were originally issued by the Issuer to certain funds managed by Fine Capital Partners L.P. in\n \n June 2020\n \n and\n \n March 2021\n \n and mature on\n \n June 24, 2023\n \n (the \"\n \n Maturity Date\n \n \"). As of the Maturity Date, an aggregate of approximately\n \n US$3.8 million\n \n in accrued and unpaid interest will be outstanding on the Debentures. Subject to certain conditions, including the receipt of all necessary regulatory approvals, the Issuer has the right to satisfy its obligation to pay all or any of the principal and interest in respect of the Debentures by delivering variable voting shares (valued at 95% of the 20-day VWAP of the variable voting shares on the TSX as at the Maturity Date) in lieu of cash (the \"\n \n Share Repayment Right\n \n \"). The Issuer has given written notice to the Debenture holders that it is exercising the Share Repayment Right in respect of 100% of the outstanding principal of, and accrued and unpaid interest on, the Debentures, being an aggregate amount of approximately\n \n US$22.3 million\n \n .\n \n \n Notwithstanding WildBrain's exercise of the Share Repayment Right, the Debentures continue to be exchangeable for variable voting shares at a price of\n \n US$1.072855\n \n per share at the option of the holders of the Debent...