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MDC Partners calls its C$45 million of 8% convertible notes due 2010
By Susanna Moon
Chicago, Oct. 27 - MDC Partners Inc. said it will redeem all of its 8% convertible unsecured subordinate debentures due June 30, 2010.
There is C$45 million principal amount of the debentures outstanding.
MDC will pay par plus accrued interest as of Nov. 26, the redemption date.
Holders may convert their notes by 5 p.m. ET on Nov. 25 at a conversion price of C$14.00, or into 71.4286 shares for each C$1,000 principal amount of convertibles.
"The early redemption of our debentures for cash marks the final step in our balance sheet refinancing, which began last week with the closing of a $300 million debt refinancing including a $225 million seven-year senior notes offering and a new $75 million five-year revolving credit facility," Miles Nadal, chairman and chief executive officer, said in a statement.
"The debentures will be repaid fully in cash, fulfilling a commitment we made at the beginning of this year and eliminating potential dilution to our share base."
The issuer is a Toronto-based marketing and communications networking company.
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