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MISSISSAUGA, ON, March 4, 2019 /CNW/ - Temple Hotels Inc. (TSX: TPH) ("Temple" or the "Company") announced today that it has delivered notice to the holders of the Company's outstanding 7.25% Series E convertible redeemable unsecured subordinated debentures due September 30, 2020 (the "Debentures") that pursuant to the terms of the trust indenture governing the Debentures (the "Trust Indenture"), the Company will, effective April 8, 2019 (the "Redemption Date"), redeem $40,647,000 principal amount of Debentures (the "Redeemed Debentures"), plus accrued interest thereon.
On the Redemption Date, the holder of each Redeemed Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,001.5890, comprised of a principal repayment of $1,000.00 and interest of $1.5890 for the 8 day period from March 31, 2019 to but excluding the Redemption Date. All interest on the Redeemed Debentures shall cease from and after the Redemption Date.
Certificates representing the Debentures must be tendered to the BNY Trust Company of Canada at 1 York Street, 6th Floor, Toronto, ON M5J 0B6 Attention: GA Canada Operations.
Temple is a growth oriented hotel investment company with hotel properties located across Canada. Temple is listed on the Toronto Stock Exchange under the symbols TPH (common shares) and TPH.DB.E (Series E Debentures). The primary long-term investment objectives of Temple are to yield stable and growing cash flows and to maximize the long-term share value of Temple through the active management of its assets, accretive acquisitions, and the performance of value added capital improvement programs on selected properties, as deemed appropriate. For further information on Temple, please visit our website at www.templehotels.ca.
SOURCE Temple Hotels Inc.
For further information: K. Rai Sahi, FCA, FCGA, Chief Executive Officer, or Paul Miatello, CA, CPA, Chief Financial Officer, Tel: (905) 281-3800, Fax: (905) 281-5890, Email: [email protected]