Altus Group Announces Early Redemption of 5.75% Convertible Debentures
23 Juni 2014 - 2:30PM
Marketwired
Altus Group Announces Early Redemption of 5.75% Convertible
Debentures
TORONTO, ONTARIO--(Marketwired - Jun 23, 2014) - Altus Group
Limited (??Altus Group?? or "the Company") (TSX:AIF) announced
today that it plans to redeem all of its outstanding 5.75%
Convertible Debentures (the "Debentures"). The Debentures, which
have a maturity date of December 31, 2017, will be redeemed by the
Company early on July 28, 2014 (the "Redemption Date") in
accordance with the terms of the Debenture trust indenture. The
Debentures are listed on the Toronto Stock Exchange under the
symbol "AIF.DB".
The aggregate principal amount of the Debentures is $50 million.
On the Redemption Date, Altus Group will pay the holders of the
redeemed Debentures a redemption price equal to $1,000 for each
$1,000 principal amount of Debentures and all accrued and unpaid
interest up to but excluding the Redemption Date. Altus Group
intends to use cash on hand or available to be drawn on its credit
facilities to pay the redemption price.
Formal notice of redemption is being delivered to the Debenture
holders through the Debenture Trustee, BNY Trust Company of Canada,
in accordance with the trust indenture. Beneficial holders of the
Debentures are encouraged to contact their investment dealer to
coordinate the surrender of their Debentures or if they have any
questions about the redemption.
Holders of the Debentures have the right to convert their
Debentures into Altus Group common shares at a conversion price of
$18.60 per share, representing a conversion rate of 53.7634 Altus
Group common shares per $1,000 principal amount of Debentures.
Assuming that all Debentures holders exercise their right to
convert, approximately 2.7 million common shares will be issued
from Treasury. No action is required to be taken by holders of the
Debentures if they wish to have their Debentures redeemed in
cash.
"The strong performance of our share price allows us to redeem
the 5.75% Debentures well in advance of their maturity in 2017,"
said Angelo Bartolini, Chief Financial Officer. "The early
conversion of the Debentures has economic benefits for the Company
by lowering net cash distributions, while reducing the debt on our
balance sheet and increasing the market liquidity of our
shares."
About Altus Group Limited
Altus Group is a leading provider of independent commercial real
estate consulting and advisory services, software and data
solutions. We operate five interrelated Business Units, bringing
together years of experience and a broad range of expertise into
one comprehensive platform: Research, Valuation and Advisory; ARGUS
Software; Property Tax Consulting; Cost Consulting and Project
Management and Geomatics. Our suite of services and software
enables clients to analyze, gain insight and recognize value on
their real estate investments.
Altus Group has over 1,900 employees in multiple offices around
the world, including Canada, the United States, the United Kingdom,
Australia and Asia Pacific. Altus Group's clients include financial
institutions, private and public investment funds, insurance
companies, accounting firms, public real estate organizations, real
estate investment trusts, healthcare institutions, industrial
companies, foreign and domestic private investors, real estate
developers, governmental institutions and firms in the oil and gas
sector.
Forward-Looking Information
Certain information in this press release may constitute
"forward-looking information" within the meaning of applicable
securities legislation. All information contained in this press
release, other than statements of current and historical fact, is
forward-looking information. Forward-looking information includes
information that relates to, among other things, objectives,
strategies and intentions, and future financial and operating
performance and prospects. Generally, forward-looking information
can be identified by use of words such as "may", "will", "expect",
"believe", "plan", "would", "could" and other similar terminology.
All of the forward-looking information in this press release is
qualified by this cautionary statement. Forward-looking information
is not, and cannot be, a guarantee of future results or events.
Forward-looking information is based on, among other things,
opinions, assumptions, estimates and analyses that, while
considered reasonable by Altus Group at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results, performance or achievements,
industry results or events to be materially different from those
expressed or implied by the forward-looking information. Please
consult Altus Group's most recent regulatory filings on SEDAR for
more information on the Company's forward-looking statements.
Altus Group LimitedCamilla BartosiewiczVice President, Investor
Relations(416)
641-9773camilla.bartosiewicz@altusgroup.comwww.altusgroup.com
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