British Columbia Ferry Services Inc. Redeems $140 Million of Senior Notes

VICTORIA, July 24, 2013 /CNW/ - British Columbia Ferry Services Inc. (BC Ferries) announced today that it has redeemed its $140 million Series 08-2 notes formerly due December 19, 2013 (CUSIP 110574 AG 5). The early redemption notice for these notes was previously announced on June 24, 2013.

The redemption price paid today was based on the yield for a Government of Canada bond with the equivalent maturity plus 100 basis points in accordance with the provisions of the Master Trust Indenture and the Supplemental Indenture associated with these notes.  The note-holders also received accrued and unpaid interest up to the redemption date.

The following is the redemption price and amount per C$1,000 of principal amount for these notes:

    Redemption Price:                C$1,016.70
    Accrued and unpaid interest:       C$5.96
    Total Redemption Price:                 C$1,022.66

BC Ferries has funded this redemption with cash from operations and proceeds from its credit facility, as a cash management initiative.  It is the Company's intention to refinance these bonds and it will be monitoring the capital markets for appropriate opportunities.

SOURCE: British Columbia Ferry Services Inc.

For further information:

Media Contact:
BC Ferries, Media Relations
Victoria:  (250) 978-1267


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