IBI Group seeks holder approval to extend 7% convertibles to 2019

By Angela McDaniels

Tacoma, Wash., May 7 - IBI Group Inc. is seeking consent to extend the maturity date of its 7% convertible subordinated debentures to June 30, 2019 from Dec. 31, 2014, according to a company news release.

Debentureholders will vote at a meeting at 10 a.m. ET on May 28 in Toronto. All consent/proxy forms must be submitted before 5 p.m. ET on May 26, and the record date is April 24.

The consent fee is an unsecured, non-convertible promissory note equal to C$70 per C$1,000 principal amount of convertibles payable Dec. 31, 2016 and bearing interest at the rate of 7% per year and payable at maturity.

Holders must deliver proxies voting for the extension by the May 26 deadline in order to receive the consent fee.

If all debentureholders vote for the extension, the principal amount of consent fee notes issued will be C$3.22 million.

IBI Group is an architecture, planning, engineering and technology firm based in Toronto.

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