MONTREAL, Sept. 9, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced that it has sent a notice to Computershare Trust Company of Canada, as trustee under the Trust Indenture dated November 19, 2010 and First Supplemental Indenture dated September 7, 2011 between TransForce and Computershare, to the effect that TransForce will redeem, as of October 9, 2014, all of the aggregate principal amount of $85 million of its outstanding 5.65% convertible unsecured subordinated debentures. Upon redemption, TransForce will pay the aggregate principal amount of $85 million, plus all accrued and unpaid interest thereon to but excluding the redemption date. The debentures are listed on the Toronto Stock Exchange under the symbol "TFI.DB.A".
The redemption price will be payable upon presentation and surrender of the debentures called for redemption at the following corporate trust office:
Computershare Trust Company of Canada
1500 University Street, 7th Floor
Montreal, Québec, H3A 3S8
Attention: Manager, Corporate Trust
Beneficial holders of debentures should contact their investment dealer to coordinate the surrender of their debentures.
The interest upon the principal amount of debentures called for redemption will cease to be payable from and after the redemption date.
Holders of the debentures have the right to convert their debentures, at their option, into TransForce common shares at a conversion price of $22.10 per share, representing a conversion rate of 45.2489 TransForce shares per $1,000 principal amount of debentures.
A full description of the redemption process as well as of the right of holders to convert their debentures into TransForce common shares is set out in TransForce's final short-form prospectus dated August 30, 2011. Holders of debentures should also refer to the Trust Indenture dated November 19, 2010 and First Supplemental Indenture dated September 7, 2011. All of the foregoing documents are available under TransForce's profile on SEDAR at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
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 financial and operational resources to build their businesses and increase their efficiency. TransForce companies service the following segments:
- Package and Courier;
- Waste Management;
- Other Services, which includes logistics services and rig moving services.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
SOURCE: TransForce Inc.
For further information:
Chairman, President and CEO