TORONTO, Dec. 10, 2021 /CNW/ - Invesque Inc. (the
"Corporation" or "Invesque") (TSX: IVQ) (TSX: IVQ.U)
announced today that it has delivered a notice of redemption to the
holders of the Corporation's outstanding 5.00% 2016 Convertible
debentures due January 31, 2025 (the
"Debentures") in connection with the previously announced
Debenture amendments approved by holders of Debentures on
November 15, 2021 (the "Debenture
Amendments"). Such notice of redemption provides that the
Corporation will, on January 31, 2022
(the "Redemption Date"), redeem US$20,000,000.00 of the principal amount of the
Debentures (the "Redeemed Debentures") outstanding plus
accrued and unpaid interest (at 5.00%) thereon (the "Partial
Redemption"). In accordance with the Debenture Amendments, the
interest rate on the Debentures will be increased to 7.00%
effective January 31, 2022.
The record date for the Partial Redemption will be January 24, 2022 (the "Record Date").
Holders of Debentures on the Record Date will have a portion of
their Debentures, in denominations of US$1,000, redeemed effective January 31, 2022 on a pro rata basis in
accordance with the terms of the trust indenture between the
Corporation and Computershare Trust Company of Canada (the "Debenture Trustee") dated
December 16, 2016, as supplemented by
the supplemental indenture dated November
15, 2021 (together, the "Indenture").
On the Redemption Date, the holder of each Redeemed Debenture
(which for greater certainty are selected on a pro rata
basis), will receive a total payment of US$1,025 per Redeemed Debenture, comprised of a
principal repayment of US$1,000 and
an interest payment of US$25, for an
aggregate redemption payment by the Corporation of US$20,500,000. All interest on the Redeemed
Debentures shall cease from and after the Redemption Date.
About Invesque
Invesque is a North American health care real estate company
with an investment thesis focused on the premise that an aging
demographic in North America will
continue to utilize health care services in growing proportion to
the overall economy. Invesque currently capitalizes on this
opportunity by investing in a highly diversified portfolio of
income generating properties across the health care spectrum.
Invesque's portfolio includes investments in independent living,
assisted living, memory care, skilled nursing, transitional care,
and medical office properties, which are operated primarily under
long-term leases and joint venture arrangements with industry
leading operating partners. Invesque's portfolio also includes
investments in owner-occupied seniors housing properties in which
Invesque owns the real estate and provides management services
through its subsidiary management company, Commonwealth Senior
Living. For more information, please visit www.invesque.com.
Forward-Looking Information:
Certain statements contained in this news release are
forward-looking statements and are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. These
forward-looking statements include statements regarding: the
Redemption Date, the Record Date and the completion of the Partial
Redemption. In some cases forward-looking information can be
identified by such terms as "will", "would", "anticipate",
"anticipated", "expect" and "expected". The forward-looking
statements in this news release are based on certain assumptions,
including assumptions regarding the Corporation's ability to
complete the Partial Redemption. Such statements are subject to
significant known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those expressed or implied by such statements and,
accordingly, should not be read as guarantees of future performance
or results and will not necessarily be accurate indications of
whether or not such results will be achieved. Such risks include
the risk that the Partial Redemption will not occur as planned, as
well as those risks described in the Corporation's current annual
information form and management's discussion and analysis,
available on SEDAR at www.sedar.com, which risks may be
dependent on market factors and not entirely within the
Corporation's control. Although management believes that it has a
reasonable basis for the expectations reflected in these
forward-looking statements, actual results may differ from those
suggested by the forward-looking statements for various reasons.
These forward-looking statements reflect current expectations of
the Corporation as at the date of this news release and speak only
as at the date of this news release. The Corporation does not
undertake any obligation to publicly update or revise any
forward-looking statements except as may be required by applicable
law.
SOURCE Invesque Inc.