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Baylin seeks holder consents to extend, amend 6.5% convertibles
By Wendy Van Sickle
Columbus, Ohio, May 25 – Baylin Technologies Inc. is seeking approval from holders of its 6.5% extendible convertible dentures due July 10, 2023 to some amendments that would extend the maturity date and increase the interest rate, among other things, according to a news release.
Specifically, the company is asking holders to approve an extension of the maturity date to June 30, 2026; an increase in the interest rate to 8.5%, effective June 30; a reduction of the conversion price to C$1.00 per common share of the company from C$3.85 per common share; and an amendment to the definition of change of control to permit the company’s chairman, Jeffrey C. Royer, and related parties to acquire 66 2/3% or more of the common shares of the company without it constituting a change of control.
In order for the amendments to become effective, Baylin must obtain the written consent of debentureholders representing at least 66 2/3% of the C$5,115,000 principal amount outstanding debentures or the approval of holders representing at least 66 2/3% of the principal amount of the debentures represented at a meeting, which has been called for June 20.
The company also provided formal notice to holders of the debentures of its intention to elect to repay the principal amount of the debentures on their July 10, 2023 maturity date in common shares of the company at a price equal to 95% of their then current market price. This common share repayment right is conditional on the outcome of the consent solicitation. If the amendments are approved and become effective, the company will not proceed with the repayment right.
Baylin is a diversified global wireless technology company based in Toronto.
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