Cargojet announces redemption amount in shares for 4.65% convertibles

By Marisa Wong

Los Angeles, Dec. 30 – Cargojet Inc. announced in connection with the upcoming redemption of $15,698,000 of its 4.65% convertible debentures due Dec. 31, 2021 that the current market price of its common and variable voting shares is $101.44.

As a result, an aggregate of 162,896 voting shares will be issued on Dec. 31, assuming no further conversions are effected prior to the close of business on the redemption date.

The number of shares to be delivered was calculated by dividing the redemption price of $15,698,000 by 95% of the current stock price.

The company said it intends to pay all accrued interest up to but excluding the redemption date in cash.

Holders may convert the debentures up to 5 p.m. ET on Dec. 30, as previously noted.

Cargojet is a Mississauga, Ont., provider of overnight air cargo services.

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