TORONTO, May 23, 2023
/CNW/ - Invesque Inc. (the "Corporation" or
"Invesque") (TSX: IVQ) (TSX: IVQ.U) is pleased to announce
that holders (the "Debentureholders") of its 6.00% 2018
Convertible Debentures due September 30,
2023 (TSX: IVQ.DB.V) (the "Debentures") passed an
extraordinary resolution approving certain amendments to the
Debentures (the "Amendments") at a meeting of
Debentureholders held today (the "Meeting"). The
Amendments to the Debentures will result in:
- INCREASING the underlying interest rate from 6.00% to
8.75%, effective September 30,
2023;
- DECREASING the conversion price from US$10.70 to US$2.75
per share of Invesque;
- EXTENDING the maturity date from September 30, 2023 to September 30, 2026; and
- REDEEMING, on a pro rata basis, US$22,000,000 (representing approximately 46%) of
the principal amount of the Debentures outstanding, plus accrued
and unpaid interest thereon to, but excluding, the date of the
redemption, which will occur on September
30, 2023.
The Amendments were overwhelmingly approved by approximately
99.9% of the principal amount of the Debentures voted (either in
person at the Meeting or by proxy).
"We are very pleased with the response from Debentureholders who
voted in favor of the amendments and very much appreciate the
continued support of Debentureholders, investors, and stakeholders
throughout this process," said Scott
White, Invesque's Chairman and Chief Executive Officer. "We
have made considerable progress pruning our portfolio over the last
24 months, and believe that we are well equipped to benefit from
the increased demand of seniors housing expected in the coming
years."
It is anticipated that the effective date of the Amendments will
be May 23, 2023, being the date that
Invesque enters into a supplemental trust indenture with the
debenture trustee embodying such Amendments. The supplemental trust
indenture will be available on Invesque's SEDAR profile at
www.sedar.com.
About Invesque
Invesque is a North American health care real estate company
with an investment thesis focused on the premise that an aging
demographic in North America will
continue to utilize health care services in growing proportion to
the overall economy. Invesque currently capitalizes on this
opportunity by investing in a portfolio of income-generating
predominantly private pay seniors housing communities. Invesque's
portfolio includes investments primarily in independent living,
assisted living, and memory care, which are operated under
long-term leases and joint venture arrangements with
industry-leading operating partners. Invesque's portfolio also
includes investments in owner-occupied seniors housing properties
in which Invesque owns the real estate, the licensed operations,
and provides management services through Commonwealth Senior
Living, LLC, a Delaware limited
liability company. For more information, please
visit www.invesque.com.
Forward-Looking
Information
Certain statements contained in this news release are
forward-looking statements and are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. These
forward-looking statements include statements regarding the
anticipated performance of the Corporation in 2023 and beyond. In
some cases forward-looking information can be identified by such
terms as "will", "would", "anticipate", "anticipated", "expect" and
"expected". The forward-looking statements in this news release are
based on certain assumptions, including assumptions regarding the
Corporation's ability to complete the Partial Redemption and that
existing trends being observed by the Corporation's seniors housing
operating partners will continue. Such statements are subject to
significant known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those expressed or implied by such statements and,
accordingly, should not be read as guarantees of future performance
or results and will not necessarily be accurate indications of
whether or not such results will be achieved. Such risks include
the risk that the Partial Redemption will not occur as planned and
that existing trends being observed by the Corporation's seniors
housing operating partners will not continue, as well as those
risks described in the Corporation's current annual information
form and management's discussion and analysis, available on SEDAR
at www.sedar.com, which risks may be dependent on market factors
and not entirely within the Corporation's control. Although
management believes that it has a reasonable basis for the
expectations reflected in these forward-looking statements, actual
results may differ from those suggested by the forward-looking
statements for various reasons. These forward-looking statements
reflect current expectations of the Corporation as at the date of
this news release and speak only as at the date of this news
release. The Corporation does not undertake any obligation to
publicly update or revise any forward-looking statements except as
may be required by applicable law.
SOURCE Invesque Inc.
