Exchange Income to redeem in full 5.75% convertibles due 2016

By Marisa Wong

Madison, Wis., Feb. 19 – Exchange Income Corp. said it will redeem all of its outstanding five-year 5.75% series I convertible senior secured debentures due Jan. 31, 2016 on March 31.

The debentures will be redeemed at $1,009.29452, comprised of a principal repayment of $1,000 and interest of $9.29452 for the 59-day period from Jan. 31 up to but excluding the redemption date.

As of Thursday, there are 34,944 debentures outstanding in the aggregate principal amount of $34,944,000.

“The previously announced expansion of our senior debt facility along with our strong operating results provides us with the financial capacity to retire this series of convertible debentures early. The early redemption will result in an immediate, significant cost savings on debt service for what would have been the remainder of the term of the debentures, and simplifies our capital structure,” Mike Pyle, chief executive officer of Exchange Income, said in a press release.

Exchange Income is a Winnipeg, Man.-based acquisition-oriented company focused in two sectors: aviation services and equipment and manufacturing.

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