Tree Island Steel Ltd. Completes Redemption of 10% Second Lien Convertible Debentures
05 3월 2014 - 1:17AM
Marketwired
Tree Island Steel Ltd. Completes Redemption of 10% Second Lien
Convertible Debentures
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 4, 2014) - Tree
Island Steel Ltd. (the "Company" or "Tree Island Steel") (TSX:TSL)
(TSX:TSL.DB) announced today that it has completed the previously
announced redemption of its 10% Second Lien Convertible Debentures
scheduled to mature on November 26, 2014 (the "Debentures") on
March 4, 2014 (the "Redemption Date") for an aggregate principal
amount of $174,600.
On the Redemption
Date, the Company paid to the holders of the Debentures the
redemption price equal to the outstanding principal amount of the
Debentures redeemed together will all accrued and unpaid interest
thereon up to but excluding the Redemption Date, for a total of
$101.6986 per $100 principal amount of Debentures held.
Holders of
Debentures that elected to convert to common shares of the Company
converted at a rate of 200 common shares for each $100 principal
amount of Debentures. Between January 1, 2014 and the Redemption
Date, a total of $15,969,400 in principal amount of Debentures was
converted to 31,938,800 shares. The current amount of outstanding
common shares is 60,687,650.
"We are pleased with
the confidence being shown in the future of Tree Island Steel with
the recent conversions of Debentures into common shares of the
Company," said Dale R. MacLean, President and CEO.
Amar S. Doman,
Chairman of Tree Island Steel noted "I am very pleased that the
debenture redemption is now complete. This further strengthens Tree
Island's balance sheet and earnings profile allowing us to pursue
growth opportunities."
About Tree Island
Steel
Headquartered in Richmond, British Columbia, since 1964, Tree
Island Steel, through its four operating facilities in Canada and
the United States, produces wire products for a diverse range of
industrial, residential construction, commercial construction,
agricultural, and specialty applications. Its products include
galvanized and bright wire; a broad array of fasteners, including
packaged, collated and bulk nails; stucco reinforcing products;
concrete reinforcing mesh; fencing and other fabricated wire
products. The Company markets these products under the Tree Island,
Halsteel, K-Lath, Industrial Alloys, TI Wire, and Tough Strand
brand names. Tree Island Steel also owns and operates a China-based
company that assists the international sourcing of products.
Tree Island Steel Ltd.Ali Mahdavi(416)-962-3300 or +1(866)
430-6247amahdavi@treeisland.com
Tree Island Steel (TSX:TSL)
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