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Pinetree Capital calls C$10 million more 10% convertibles due 2016
By Susanna Moon
Chicago, April 30 – Pinetree Capital Ltd. said it is calling another C$10 million of its C$44,822,000 of outstanding 10% convertible secured debentures due May 31, 2016.
The debentures will be redeemed on a pro rata basis on June 5 at par plus accrued interest up to but excluding the redemption date, according to a press release.
The total redemption amount will be C$1,001.3699 for each C$1,000 principal amount.
Pinetree said it will use cash on hand to fund the redemption.
“The June redemption represents a significant milestone for Pinetree and satisfies its debt reduction commitment to the holders of the debentures contained in the parties’ forbearance agreement of February, which requires that the principal amount outstanding of the debentures be reduced by $20 million no later than July 31,” the press release noted.
As previously announced, Pinetree called C$10 million of the convertibles for redemption on April 30.
The total redemption amount was C$1,041.37 for each C$1,000 principal amount.
Pinetree is an investment banking company based in Toronto.
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