Invesque Inc. Announces Partial Redemption of its Amended 2016 Convertible Debentures due January 31, 2025
Toronto, Ontario, December 10, 2021 – Invesque Inc. (the “Corporation” or “Invesque”) (TSX: IVQ and IVQ.U) announced today that it has delivered a notice of redemption to the holders of the Corporation’s outstanding 5.00% 2016 Convertible debentures due January 31, 2025 (the “Debentures”) in connection with the previously announced Debenture amendments approved by holders of Debentures on November 15, 2021 (the “Debenture Amendments”). Such notice of redemption provides that the Corporation will, on January 31, 2022 (the “Redemption Date”), redeem US$20,000,000.00 of the principal amount of the Debentures (the “Redeemed Debentures”) outstanding plus accrued and unpaid interest (at 5.00%) thereon (the “Partial Redemption”). In accordance with the Debenture Amendments, the interest rate on the Debentures will be increased to 7.00% effective January 31, 2022.
The record date for the Partial Redemption will be January 24, 2022 (the “Record Date”). Holders of Debentures on the Record Date will have a portion of their Debentures, in denominations of US$1,000, redeemed effective January 31, 2022 on a pro rata basis in accordance with the terms of the trust indenture between the Corporation and Computershare Trust Company of Canada (the “Debenture Trustee”) dated December 16, 2016, as supplemented by the supplemental indenture dated November 15, 2021 (together, the “Indenture”).
On the Redemption Date, the holder of each Redeemed Debenture (which for greater certainty are selected on a pro rata basis), will receive a total payment of US$1,025 per Redeemed Debenture, comprised of a principal repayment of US$1,000 and an interest payment of US$25, for an aggregate redemption payment by the Corporation of US$20,500,000. All interest on the Redeemed Debentures shall cease from and after the Redemption Date.
Invesque is a North American health care real estate company with an investment thesis focused on the premise that an aging demographic in North America will continue to utilize health care services in growing proportion to the overall economy. Invesque currently capitalizes on this opportunity by investing in a highly diversified portfolio of income generating properties across the health care spectrum. Invesque’s portfolio includes investments in independent living, assisted living, memory care, skilled nursing, transitional care, and medical office properties, which are operated primarily under long-term leases and joint venture arrangements with industry leading operating partners. Invesque’s portfolio also includes investments in owner-occupied seniors housing properties in which Invesque owns the real estate and provides management services through its subsidiary management company, Commonwealth Senior Living. For more information, please visit www.invesque.com.
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 Redemption Date, the Record Date and the completion of the Partial Redemption. 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. 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, 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.
For further information: