Colabor to redeem 6% convertible unsecured debentures due 2021

By Taylor Fox

New York, Feb. 18 – Colabor Group Inc. plans to redeem its C$50 million outstanding 6% convertible unsecured subordinated debentures due Oct. 13, 2021, according to a news release.

The notes will be redeemed March 23 at par plus interest for a total amount of C$1,023.51 per C$1,000 of notes.

Holders of the convertible debentures have the right, prior to the redemption date, to convert their convertible debentures into Colabor common shares at a conversion rate of C$2.50 per common share.

Colabor intends to use the proceeds from a refinancing to redeem the debentures.

Colabor is a Boucherville, Quebec-based food distributor and wholesaler for the hotel, restaurant and institutional markets.

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