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TORONTO, Sept. 9, 2021 /CNW/ - Tricon Residential
Inc. ("Tricon" or the "Company") (TSX: TCN), an owner and operator
of single-family rental homes and multi-family rental apartments in
the United States and Canada, announced today that it has completed
the previously announced redemption (the "Redemption") of its
outstanding 5.75% extendible convertible unsecured subordinated
debentures due March 31, 2022 (the
"Debentures"). The Company elected to satisfy the redemption price
for each Debenture by issuing common shares of the Company ("Common
Shares") in accordance with the terms of the Debentures.
The aggregate outstanding principal amount of the Debentures was
US$171,424,000 on July 30, 2021, the date Tricon announced its
intention to complete the Redemption. The Debentures were redeemed
by the Company on the date hereof (the "Redemption Date") and have
been de-listed from the Toronto Stock Exchange. Pursuant to the
conversion option available to holders of the Debentures, an
aggregate of 16,097,218 Common Shares were issued in relation to
conversion requests received by Tricon between the date of its
Redemption announcement and September 8,
2021. The remaining balance of the outstanding principal
amount of the Debentures was redeemed on the Redemption Date for an
aggregate of 259,455 Common Shares. Accrued interest of
US$25.52 per US$1,000 principal amount of Debentures was paid
in cash. Cash was also paid in lieu of any fractional shares that
would have otherwise been issued on conversion or Redemption.
Following the Redemption, the Company has a total of 226,122,875
Common Shares issued and outstanding.
About Tricon Residential Inc.
Tricon Residential is an owner and operator of a growing
portfolio of over 33,000 single-family rental homes and
multi-family rental apartments in the
United States and Canada
with a primary focus on the U.S. Sun Belt. Our commitment to
enriching the lives of our residents and local communities
underpins Tricon's culture and business philosophy. We strive to
continuously improve the resident experience through our
technology-enabled operating platform and innovative approach to
rental housing. At Tricon Residential, we imagine a world where
housing unlocks life's potential. For more information visit
www.triconresidential.com.
SOURCE Tricon Residential Inc.