Altus Group announces early redemption of 6.75% convertible debentures
Altus Group Limited (“Altus Group” or “the Company”) (TSX: AIF) announced today that it plans to redeem all of its outstanding 6.75% Convertible Debentures (the “Debentures”). The Debentures, which have a maturity date of June 30, 2017, will be redeemed by the Company early on May 3, 2017 (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.A”. The aggregate principal amount of the Debentures outstanding is $5,365,000.
On the Redemption Date, Altus Group will either pay holders that wish to redeem their 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 or, for those holders opting to convert their Debentures, it will issue 100 common shares per $1,000 of principal amount of Debentures. Altus Group intends to use cash on hand to pay the redemption price of the redeemed Debentures.
However, assuming that all Debentures holders exercise their right to convert, 536,500 common shares will be issued from Treasury. 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. No action is required to be taken by holders of the Debentures if they wish to have their Debentures redeemed in cash.
Key contact
Camilla Bartosiewicz
Chief Communications Officer
Key contact
Camilla Bartosiewicz
Chief Communications Officer
About Altus Group
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry.
Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments.
Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.