MONTREAL, Feb. 5, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) (OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced the results of the redemption of its 6% convertible unsecured subordinated debentures, the terms of which had been publicized on January 3, 2014. These debentures, with an original aggregate principal amount of $143,750,000, were listed on the Toronto Stock Exchange under the symbol "TFI.DB".
Pursuant to the conversion option available to debenture holders, TransForce received conversion requests for a principal amount of $118,167,000 between January 3 and 31, 2014, resulting in the issuance of 6,202,974 new common shares of TransForce. Prior to the redemption announcement, a principal amount of $21,240,000 had already been converted, while $403,000 had already been redeemed pursuant to a normal course issuer bid program.
TransForce redeemed an unconverted principal amount of $3,940,000 as at February 3, 2014.
TransForce Inc. is a North American leader in the transportation and logistics industry operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned, operating subsidiaries. Under the TransForce umbrella, companies benefit from corporate financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes services to the energy sector, waste management, logistics and ancillary transportation services.
SOURCE: TransForce Inc.
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Chairman, President and CEO