TORONTO, Oct. 8, 2013 /CNW/ - General Donlee Canada Inc. (TSX: GDI.DB;
"General Donlee") today announced that, pursuant to the indenture (the
"Indenture") governing General Donlee's 7.00% convertible unsecured
subordinated debentures due June 30, 2014 (the "Debentures"), General
Donlee has exercised its right to redeem, on November 12, 2013 (the
"Redemption Date"), all of the outstanding Convertible Debentures that
are not tendered to the previously announced change of control offer
for an amount equal to the principal amount outstanding plus accrued
and unpaid interest (less any tax required to be withheld) (the
"Redemption Price"). Registered holders of Debentures
("Debentureholders") were sent notice on October 7, 2013 of the change
of control of General Donlee, completed on October 4, 2013, which
informed Debentureholders of their right to require General Donlee to
purchase all or any part of such Debentureholder's Debentures pursuant
to a put right in the Indenture ("Put Right"), at a cash price equal to
101% of the principal amount plus accrued and unpaid interest to but
excluding the put date of November 11, 2013. In the event a
Debentureholder does not exercise the Put Right by the final exercise
time of 5:00 p.m. (Toronto time) on November 4, 2013, General Donlee
will redeem all outstanding Debentures at a cash price equal to 100% of
the principal amount plus accrued and unpaid interest to but excluding
the redemption date of November 12, 2013.
Following completion of the redemption on the Redemption Date, holders
of Convertible Debentures will have no further rights or entitlements
under the Convertible Debentures or the Indenture other than to receive
the Redemption Price.
Any questions regarding the redemption should be directed to your
broker, if applicable, or the trustee, Computershare Trust Company of
Canada, at its North American toll-free number: 1-800-564-6253.
About General Donlee
General Donlee, a wholly owned subsidiary of Triumph Group, Inc.
(NYSE: TGI), is a leading diversified manufacturer of precision-machined
products serving the commercial, military, and general aerospace
industries as well as the nuclear, power generation, oil & gas and
capital equipment end markets. General Donlee's operating strategy
focuses on targeting niche markets for products that are aligned with
its sophisticated manufacturing capabilities and skilled workforce.
Further information can be found in the disclosure documents filed by
General Donlee with the securities regulatory authorities, available at
www.sedar.com or through the Company's website at www.generaldonlee.com.
SOURCE: General Donlee Canada Inc.
For further information:
Telephone: (416) 743-4417
Robert S. Kheir, MBA, CMA
Vice President & Controller
Telephone: (416) 743-4417