Clarke seeks approval to amend 6.25% convertibles due 2023

By Rebecca Melvin

Concord, N.H., Aug. 17 – Clarke Inc. announced that it will hold a meeting on Sept. 20 at which it will ask holders of its series B 6.25% convertible subordinated debentures due Feb. 28, 2023 to approve amendments of the terms of the debentures.

The company is seeking approval to extend the maturity date of the debentures to Jan. 1, 2028, to decrease the interest rate to 5.5% from 6.25% beginning on March 1, 2023, and for consequential and other amendments of a housekeeping nature, according to a company news release.

There was C$50,754,000 principal amount of the debentures outstanding as of the close of business on Aug. 16.

Holders of record on Aug. 17 are entitled to vote at the meeting and prior to the meeting on or before Sept. 16.

The board of directors and management of the company believe that the proposed changes enhance the company’s strategy of pursuing long-term value creation for the benefit of all security holders.

The company needs consents from holders of at least 66 2/3% of the convertibles.

Halifax, N.S.-based Clarke invests in various private and publicly traded businesses.

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