WINNIPEG, Nov. 6, 2015 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN)
("the Fund") announced today that on January 5, 2016 (the "Redemption
Date") it intends to redeem in full all of its then outstanding 5.75%
Convertible Unsecured Subordinated Debentures due December 31, 2017
(the "Debentures") in accordance with the provisions of the trust
indenture dated as of December 19, 2012 (the "Indenture").
The redemption price for the Debentures ("Redemption Price") shall be
100% of the aggregate outstanding principal amount together with
accrued and unpaid interest up to, but excluding, the Redemption Date.
In accordance with the Indenture, the Fund has elected to satisfy its
obligation to pay the portion of the Redemption Price equal to the
outstanding principal amount of the Debentures by issuing to Debenture
holders ("Holders") freely tradeable trust units of the Fund ("Units").
The number of Units delivered will be determined by dividing that
portion of the Redemption Price equal to the outstanding principal
amount of the Debentures by 95% of the then Current Market Price of the
Units. The Fund will pay cash both for the accrued and unpaid interest,
up to but excluding the Redemption Date, on the Debentures and in lieu
of any fractional Units that would otherwise be issued.
Holders have the right, by notice given to the Trustee within 30 days of
receipt of the Redemption Notice, to elect to convert the Debentures
into Units at the Conversion Price, such conversion to be effective on
the Business Day immediately preceding the Redemption Date.
Capitalized terms used above and not defined herein shall have the
meaning ascribed to them in the Indenture.
About Boyd Group Income Fund
Boyd Group Income Fund is an unincorporated, open-ended mutual fund
trust created for the purposes of acquiring and holding certain
investments, including a majority interest in The Boyd Group Inc. and
its subsidiaries. Boyd Group Income Fund units trade on the Toronto
Stock Exchange (TSX) under the symbol BYD.UN. For more information on
The Boyd Group Inc. or Boyd Group Income Fund, please visit our website
About The Boyd Group Inc.
The Boyd Group Inc. (the "Company"), directly and through subsidiaries,
is the largest operator of non-franchised collision repair centres in
North America in terms of number of locations and one of the largest in
terms of sales. The Company operates locations in five Canadian
provinces under the trade name Boyd Autobody & Glass (http://www.boydautobody.com), as well as in 19 U.S. states under the trade name Gerber Collision &
Glass (http://www.gerbercollision.com). The Company is also a major retail auto glass operator in the U.S.
with locations across 30 U.S. states under the trade names Gerber
Collision & Glass, Glass America, Auto Glass Service, Auto Glass
Authority and Autoglassonly.com. The Company also operates a third
party administrator, Gerber National Claims Services ("GNCS") that
offers first notice of loss, glass and related services. GNCS has
approximately 5,500 affiliated glass provider locations and 4,600
affiliated emergency roadside services providers throughout the U.S.
For more information on The Boyd Group Inc. or Boyd Group Income Fund,
please visit our website at (http://www.boydgroup.com).
SOURCE Boyd Group Income Fund
For further information:
President & CEO
Tel: (204) 594-1770
Tel: (416) 586-1938 or toll free 1-800-385-5451
Executive Vice President & CFO
Tel: (204) 895-1244 (ext. 33841)
Senior Vice President, Finance
Tel: (204) 594-1771