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Tuckamore to redeem 8% debentures at maturity, closes rights offering
By Susanna Moon
Chicago, March 22 – Tuckamore Capital Management Inc. said it will redeem its C$176,228,000 of 8% secured debentures due March 23, 2016 on the scheduled maturity date, rather than ahead of scheduled as planned.
Tuckamore’s senior lenders also agreed to further extend the maturity of its bank debt to coincide with the maturity of the notes, according to a company notice.
The notes and bank loans will be repaid using proceeds of the company’s planned refinancing as well as the proceeds of asset sales, which will close March 23, the release noted.
The company also announced the results of its recent rights offering to purchase up to $10 million principal amount of new debentures to be designated as 10% second-lien secured convertible debentures due 2026. The rights offering expired at 5 p.m. ET on March 17 and was oversubscribed, with excess subscriptions totaling $1,856,000 tendered to the rights agent. The rights offering also will close Wednesday.
Tuckamore had said on March 14 that it would redeem its 8% secured debentures two days ahead of the maturity date.
The company previously announced refinancing transactions in which it will issue up to C$176,228,000 principal amount of 8% senior secured debentures due 2026 and up to C$35 million principal amount of 10% second-lien secured convertible debentures due 2026.
Tuckamore entered into a purchase agreement and a backstop commitment letter with Canso Investment Counsel Ltd. for the new financing.
Tuckamore is based in Toronto. After previously announced asset sales it will have a single investment in an oil and gas services business.
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