Invesque agrees to restriction on partial redemption of convertibles

By Marisa Wong

Los Angeles, Aug. 7 – Invesque Inc. announced it has agreed to some payment restrictions in an amendment to its credit facility in connection with its ongoing negotiations with primary lender KeyBank NA to refinance or extend the maturity date of the facility.

The amendment includes a restriction on the amount that the company will pay debentureholders towards the partial redemption of its 8.75% convertible debentures due Sept. 30, 2026. The partial redemption is currently scheduled to occur on Sept. 30.

Specifically, the company is restricted under the terms of the loan amendment from redeeming more than $4,828,000, or 10% of the outstanding principal balance, of the convertibles under the partial redemption.

“Negotiating an extension or refinance with KeyBank is our highest priority,” chief financial officer Adlai Chester commented in a press release.

“The company continues to work closely with KeyBank to refinance the existing credit facility, and we are optimistic that all parties will work together to agree on terms in the near future.”

Invesque is a Toronto-based health care real estate company.

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