Boyd Group announces intention to settle vendor exchange notes


    WINNIPEG, Nov. 26 /CNW/ - The Boyd Group Income Fund (TSX: BYD.UN) (the
"Fund") today announced that it intends to exercise its right to pay the
remaining principal amount owing of US$7,031,200 under its 2004 vendor
exchange notes due February 1, 2008 (the " Exchange Notes") by way of the
issuance of Fund trust units ("Units") on February 1, 2008. The Exchange Notes
were issued by the Fund upon the acquisition of The Gerber Group Inc.
("Gerber") on February 2, 2004 and bear interest at a fixed rate of 6.4% per
    Pursuant to the terms of the Exchange Notes, the holders have the right
to, at prescribed times, exchange notes for Units at a price of US$6.62 per
Unit and the Fund has the right to settle the Exchange Notes at maturity
through the issuance of Fund Units at an issue price equal to the lesser of
US$6.62 per Unit or a floor price which is the greater of the weighted average
trading price of the Units on the Toronto Stock Exchange for the
15 consecutive trading days immediately preceding the fifth day prior to which
the principal is to be paid (the "weighted average trading price"), or the
quotient of dividing the original principal sum owing under the Exchange Notes
of US$8,132,000 by 1,450,000, being approximately US$5.61 per Unit. In 2005,
Exchange Note holders exercised their right to convert approximately
US$1,100,800 of Exchange Notes for 166,284 Units.
    Assuming the weighted average trading price does not exceed $5.61 per
Unit, on February 1, 2008, the Fund will issue approximately 1,254,000 Units
at an issue price of US$5.61 per Unit to settle its Exchange Note obligations.
This transaction will reduce the Fund's liabilities by approximately
US$7,031,200, eliminate approximately US$450,000 of annualized interest costs
and increase the number of Fund Units outstanding to approximately
11.7 million. The Fund's subsidiary, Boyd Group Holdings Inc., also has
approximately 860,000 Class A common shares outstanding that are convertible
into Fund Units on a one-for-one basis.

    About The Boyd Group Inc.

    The Boyd Group Inc. is the largest operator of collision repair centres
in Canada and among the largest in North America. The company operates
locations in the four western Canadian provinces principally under the trade
names Boyd Autobody & Glass and Service Collision Repair, as well as in six
U.S. states principally under the trade name Gerber Collision & Glass. The
company also operates Gerber National Glass Services, an auto glass repair and
replacement referral business with affiliated service providers throughout the
United States. For more information on The Boyd Group Inc. or Boyd Group
Income Fund, please visit our Web site at

    About The Boyd Group Income Fund

    The 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.

    This press release contains forward-looking statements, other than
historical facts, which reflect the view of the Fund's management with respect
to future events. Such forward-looking statements reflect the current views of
the Fund's management and are made on the basis of information currently
available. Although management believes that its expectations are reasonable,
it can give no assurance that such expectations will prove to be correct. The
forward-looking statements contained herein are subject to these factors and
other risks, uncertainties and assumptions relating to the operations, results
of operations and financial position of the Fund. The Fund assumes no
obligation to update the forward-looking statements or to update the reasons
why actual results could differ from those contemplated by the forward-looking

    %SEDAR: 00018929E

For further information:

For further information: Terry Smith, CEO, Tel: (204) 895-1244 (ext.
222),; Bruce Wigle, Investor Relations, Tel: (416)
815-0700 or toll free 1-800-385-5451 (ext.228),

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