Tricon Capital to redeem 5.75% convertible debentures due 2022

By Wendy Van Sickle

Columbus, Ohio, July 30 – Tricon Capital Group Inc. will redeem all of its outstanding 5.75% extendible convertible subordinated debentures due March 31, 2022, according to a press release.

The redemption will take place on Sept. 9 at a price of par plus $25.52 in accrued interest per $1,000 principal amount.

The company plans to satisfy the redemption price through the issuance of common shares at 95% of the U.S. dollar equivalent of the 20-day weighted average trading price of the common shares on the fifth trading day preceding the redemption date, with cash to be paid for the accrued interest.

The debentures have a conversion price of $10.46 per common share, which is lower than the current trading price of the shares.

Accordingly, holders have an economically advantageous opportunity to convert their debentures to common shares prior to the redemption date. Registered holders of debentures who wish to convert must provide written notice of conversion to TSX Trust Co. prior to Sept. 8.

Non-registered holders of debentures who wish to convert should contact their respective brokerage firm or financial institution well in advance of this deadline.

Toronto-based Tricon is a North American real estate asset manager and principal investor with a primary focus on the residential sector.

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