TORONTO, Aug. 7, 2023
/CNW/ - Invesque Inc. (TSX: IVQ.U) (TSX: IVQ) (the
"Company" or "Invesque") today announced that in
connection with the Company's ongoing negotiations with its primary
credit facility lender, KeyBank National Association
("KeyBank" or the "Lender") to refinance or extend
the maturity date on its existing credit facility (the
"Credit Facility") between the Company and KeyBank,
it has agreed to certain payment restrictions in an amendment to
the Credit Facility (the "Amendment").
The Amendment includes a restriction on the amount that the
Company will pay debentureholders towards the partial redemption
currently scheduled to occur on September
30, 2023 ("Partial Redemption") of the Company's
8.75% convertible debentures due on September 30, 2026 ("8.75% Convertible
Debentures"). Specifically, the Company is restricted under the
terms of the Amendment from redeeming more than US$4.828 million (10% of the outstanding
principal balance) of the principal amount of the 8.75% Convertible
Debentures under the Partial Redemption.
"Negotiating an extension or refinance with KeyBank is our
highest priority," commented Adlai
Chester, the recently named Chief Financial Officer of
Invesque. "The Company continues to work closely with KeyBank to
refinance the existing Credit Facility, and we are optimistic that
all parties will work together to agree on terms in the near
future."
About Invesque
The Company 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. The
Company currently capitalizes on this opportunity by investing in a
portfolio of income-generating predominantly private pay seniors
housing communities. The Company's portfolio includes investments
primarily in independent living, assisted living, and memory care,
which are operated under long-term leases and joint venture
arrangements with industry-leading operating partners. The
Company's portfolio also includes investments in owner-occupied
seniors housing properties in which the Company owns the real
estate, the licensed operations, and provides management services
through Commonwealth Senior Living, LLC, a Delaware limited liability company. For more
information, please visit www.invesque.com.
Forward-Looking Information
This press release (this
"Press Release") contains certain forward-looking
information and/or statements ("forward-looking statements"), that
reflect and are provided for the purpose of presenting information
about management's current expectations and plans relating to the
future including, without limitation, statements regarding the
Company's ability to refinance or extend the maturity on its
existing credit facility and limitation of the Company's ability to
make payments towards the 8.75% Convertible Debentures, including
under the Partial Redemption. Forward-looking statements are
typically identified by terms such as "anticipate," "believe,"
"continue," "expect," "expectations," "look," "may," "plan,"
"project," "should," "will," and other similar expressions that do
not relate solely to historical matters and suggest future outcomes
or events. Readers should not place undue reliance on
forward-looking statements and are cautioned that forward-looking
statements may not be appropriate for other purposes.
Forward-looking statements in this Press Release are based on
current beliefs, expectations, and certain assumptions of the
Company's management. Forward-looking statements in this Press
Release are subject to significant known and unknown risks,
uncertainties, and other factors that are beyond the Company's
ability to predict or control, including the risk that the Company
will not be able to refinance or extend the maturity on its
existing debt facility or be permitted or able to make payments in
connection with the 8.75% Convertible Debentures or the Partial
Redemption, and 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. The Company's actual
results may differ as a result of various factors, including
without limitation, the risks described in the Company'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 Company's control.
Although management believes that it has a reasonable basis for the
expectations reflected in these forward-looking statements,
including its assumption that the Lender will be willing to
refinance the existing facility on terms that are acceptable to the
Company, actual results may differ from those suggested by the
forward-looking statements for various reasons. These
forward-looking statements reflect current expectations of the
Company as of the date of this Press Release and speak only as of
the date of this Press Release. The Company does not undertake any
obligation to publicly update or revise any forward-looking
statements except as may be required by applicable law.
There can be no assurance that forward-looking statements will
prove to be accurate as actual outcomes and results may differ
materially from those expressed in these forward-looking
statements. Readers are cautioned not to place undue reliance on
any such forward-looking statements, which are given as of the date
hereof, and not to use such forward-looking statements for anything
other than the intended purpose. Further, except as expressly
required by applicable law, the Company assumes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Forward-looking statements contained in this Press Release are
expressly qualified by this cautionary statement.
SOURCE Invesque Inc.