Boyd Group redeems, cancels all 5.75% convertible debentures due 2017

By Tali Rackner

Norfolk, Va., Jan. 6 – Boyd Group Income Fund said it completed the early redemption of all of its 5.75% convertible unsecured subordinated debentures due Dec. 31, 2017, according to a news release.

Boyd converted C$24,021,000 of the debentures on Tuesday into 1,026,152 units of the fund using a rate of roughly 42.7350 trust units per C$1,000 principal amount and a conversion price of C$23.40 per trust unit.

The remaining C$192,000 was redeemed at a price of 95% of the current market price.

The fund paid the redemption price by issuing 3,000 freely tradeable trust units to the holders. It also paid C$15,282 in cash for both the accrued interest and in lieu of any fractional trust units that would otherwise be issued.

As of Wednesday, Boyd has 17,824,740 trust units outstanding.

Boyd is an operator of non-franchised collision repair centers in North America. It is based in Winnipeg, Man.

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