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Royal Host gets tenders for 26.4%, 25.6% of convertibles in issuer bid
By Susanna Moon
Chicago, Dec. 16 - Royal Host Inc. said holders tendered C$12.04 million, or about 26.4%, of its series B 6% convertible subordinated debentures due 2015 and C$12,704,000, or 25.6%, of its series D 5.9% convertible subordinated debentures 2014 in its substantial issuer bid that expired at 5 p.m. ET on Dec. 16.
After settlement, which "will be made as soon as practicable," there will be about C$33,536,000 of the 6% convertibles outstanding and about C$37.02 million of the 5.9% notes outstanding, according to a company press release.
Royal said on Nov. 30 that increased pricing for its substantial issuer bid for two series of its convertibles and also extended the bid from Dec. 12. It was originally set to end at Nov. 25 and began on Oct. 17.
As previously noted, the company offered to buy up to C$15 million principal amount of its series B 6% convertibles and up to C$10 million principal amount of its series D 5.9% convertibles.
Royal Host will pay C$760, up from C$720, per C$1,000 principal amount of series B 6% convertibles and C$820, up from C$770, per C$1,000 principal amount of series D 5.9% convertibles.
Holders will also receive accrued interest.
In addition, Royal Host previously said that it entered into lock-up agreements with North Pole Capital Master Fund and Geosam Capital Inc., under which North Pole will tender about C$2.7 million of the series B debentures along with about C$5.1 million of the series D securities. Geosam agreed to tender roughly C$1.6 million of the series D convertibles.
Royal Host owns and operates hotels. It is based in Halifax, N.S.
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