- INCREASING the underlying interest rate from 6.00% to 8.75%, effective
September 30, 2023 ; - DECREASING the conversion price from
US$10.70 toUS$2.75 per share ofInvesque ; - EXTENDING the maturity date from
September 30, 2023 toSeptember 30, 2026 ; and - REDEEMING, on a pro rata basis,
US$22,000,000 (representing approximately 46%) of the principal amount of the Debentures outstanding, plus accrued and unpaid interest thereon to, but excluding, the date of the redemption, which will occur onSeptember 30, 2023 .
The Amendments were overwhelmingly approved by approximately 99.9% of the principal amount of the Debentures voted (either in person at the Meeting or by proxy).
"We are very pleased with the response from Debentureholders who voted in favor of the amendments and very much appreciate the continued support of Debentureholders, investors, and stakeholders throughout this process," said
It is anticipated that the effective date of the Amendments will be
Certain statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These forward-looking statements include statements regarding the anticipated performance of the Corporation in 2023 and beyond. In some cases forward-looking information can be identified by such terms as "will", "would", "anticipate", "anticipated", "expect" and "expected". The forward-looking statements in this news release are based on certain assumptions, including assumptions regarding the Corporation's ability to complete the Partial Redemption and that existing trends being observed by the Corporation's seniors housing operating partners will continue. Such statements are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Such risks include the risk that the Partial Redemption will not occur as planned and that existing trends being observed by the Corporation's seniors housing operating partners will not continue, as well as those risks described in the Corporation's current annual information form and management's discussion and analysis, available on SEDAR at www.sedar.com, which risks may be dependent on market factors and not entirely within the Corporation's control. Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. These forward-looking statements reflect current expectations of the Corporation as at the date of this news release and speak only as at the date of this news release. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
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