Exchange Income redeems C$67.88 million 5.25% convertibles

By Wendy Van Sickle

Columbus, Ohio, Sept. 2 – Exchange Income Corp. redeemed its C$67,881,000 outstanding 5.25% convertible subordinated debentures due June 30, 2023 on Thursday, according to a news release.

On July 30, the company called the then $69 million of outstanding convertibles for redemption at par plus accrued interest to but excluding the redemption date.

Holders had the right to convert their debentures at C$44.75 a share prior to the redemption date.

Holders of C$1,094,000 of the convertibles exercised that right.

The redemption was funded by a new issuance of convertible debentures.

Exchange Income is a Winnipeg, Man.-based aerospace and aviation services and manufacturing company.

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