TransForce holders convert C$118.17 million 6% notes before call date

By Susanna Moon

Chicago, Feb. 5 - TransForce Inc. said holders opted to convert C$118,167,000 of its C$122,107,000 outstanding 6% convertible subordinated debentures ahead of redemption on Feb. 3.

The company received conversion requests for C$118,167,000 between Jan. 3 and 31, resulting in the issue of 6,202,974 new common shares of TransForce, according to a company press release.

Before the call was issued, $21,240,000 principal amount of the convertibles had been converted, and $403,000 of the notes had been redeemed under a normal course issuer bid program.

TransForce redeemed $3.94 million of the convertibles on the redemption date of Feb. 3.

The company said on Jan. 3 that it would redeem all C$122,107,000 of its outstanding convertibles on Feb. 3.

The debentures were to be redeemed at par plus accrued interest to the redemption date, the company previously said.

Holders could convert their debentures into TransForce common shares at a conversion price of C$19.05 per share, or at a conversion rate of 52.4934 shares per C$1,000 principal amount.

Computershare Trust Co. of Canada is the trustee for the debentures.

The transportation and logistics company is based in Montreal.

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