Business
AIMIA ANNOUNCES CLOSING OF BOZZETTO SALE AND OFFER TO PURCHASE 9.75% SENIOR NOTES
AIMIA ANNOUNCES CLOSING OF BOZZETTO SALE AND OFFER TO PURCHASE 9.75% SENIOR
About this update from Aimia Inc.
TORONTO, May 29, 2026 /CNW/ - Aimia Inc. (TSX: AIM) (JSE: AII) ("the Company") today confirmed the closing of its previously announced sale of its interest in Giovanni Bozzetto S.p.A ("Bozzetto") for net proceeds of CAD$268.4 million.Closing detailsNet proceeds were determined by taking into consideration the payment of Bozzetto's net debt, minority interests, and transaction costs.Net proceeds are subject to final working capital adjustments and net debt calculations within 60 days of closing.Aimia received the net proceeds in Euros of which €128 million were hedged at a rate of 1.6113 and the remaining €38.7 million were accounted at the spot rate of 1.6074 at closing.Aimia does not expect to incur any taxes from the transaction given its capital tax losses carryforward.Aimia acquired its interest in Bozzetto in May 2023."Closing the sale Bozzetto marks further progress towards our plan of becoming a permanent capital vehicle," said Rhys Summerton, Aimia's Executive Chairman. "It will allow us to now accelerate our plans to reduce Aimia's indebtedness and make investments in undervalued companies with the goal of acquiring controlling interests."Offer to Purchase 9.75% Senior NotesIn accordance with the terms of its 9.75% Senior Unsecured Notes ("Senior Notes"), Aimia is required, following the sale of more than 50% of its property or assets, to offer to purchase the maximum aggregate principal amount of all outstanding Senior Notes at an offer price equal to 100% of the aggregate principal amount of each Senior Note to be redeemed, plus any accrued and unpaid interest up to, but excluding, the redemption date subject to available proceeds resulting from the asset sale. Accordingly, since the Bozzetto transaction constitutes an asset sale and that the net proceeds are sufficient to redeem all of the outstanding Senior Notes, Aimia has commenced an offer to purchase (the "Offer") up to all of its Senior Notes with an aggregate principal amount of $142.6 million due January 14, 2030.The Offer will expire at 5:00 p.m. (Eastern) on June 26, 2026 (the "Expiration Date"). The consideration for the Notes shall be $100 for each $100 principal amount of Notes, plus all accrued and unpaid interest on the Notes to but excluding July 3, 2026 (the "Redemption Date").Notes tendered pursuant to the Offer will cease to accrue interest on and after t...