TransForce to Redeem 6% Convertible Unsecured Subordinated Debentures
MONTREAL, Jan. 3, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) (OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that it has sent a notice to Computershare Trust Company of Canada, as trustee under the trust indenture dated November 19, 2010 between TransForce and Computershare, to the effect that TransForce will redeem, as of February 3, 2014, all of the aggregate principal amount of $122,107,000 of its outstanding 6% convertible unsecured subordinated debentures. Upon redemption, TransForce will pay the aggregate principal amount of $122,107,000, plus all accrued and unpaid interest thereon to but excluding the redemption date. The debentures are listed on the Toronto Stock Exchange under the symbol "TFI.DB".
The redemption price will be payable upon presentation and surrender of the debentures called for redemption at the following corporate trust office:
Computershare Trust Company of Canada
1500 University Street, 7th Floor
Montreal, Québec, H3A 3S8
Attention: Manager, Corporate Trust
Beneficial holders of debentures should contact their investment dealer to coordinate the surrender of their debentures.
The interest upon the principal amount of debentures called for redemption shall cease to be payable from and after the redemption date.
Holders of the debentures have the right to convert their debentures, at their option, into TransForce common shares at a conversion price of $19.05 per share, representing a conversion rate of 52.4934 TransForce shares per $1,000 principal amount of debentures.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
TransForce Inc. is a North American leader in the transportation and logistics industry operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned, operating subsidiaries. Under the TransForce umbrella, companies benefit from corporate financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes services to the energy sector, waste management, logistics and ancillary transportation services.
TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX: TFI) and the OTCQX marketplace in the U.S. (OTCQX: TFIFF). For more information, visit http://www.transforcecompany.com.
SOURCE TransForce Inc.For further information:
Chairman, President and CEO