TORONTO, ONTARIO--(Marketwired - July 29, 2014) - Altus Group Limited ("Altus Group" or "the Company") (TSX:AIF) announced today that it has completed the previously announced early redemption of its outstanding $50 million aggregate principal amount of 5.75% Convertible Debentures (the "Debentures") (TSX:AIF.DB).
The Debentures were redeemed by the Company on July 28, 2014, in accordance with the terms of the Debenture trust indenture and have been delisted from the Toronto Stock Exchange. Leading up to the redemption, Altus Group received conversion requests from substantially all holders of the Debentures. Debentures of a total principal amount of $48.2 million were converted into 2,589,295 common shares issued from Treasury. The Debentures were converted at a price of $18.60 per common share, representing a conversion rate of 53.7634 Altus Group common shares per $1,000 principal amount of Debentures.
"We're pleased to have completed the early redemption of our 5.75% Debentures, which not only helped us realize cash savings of approximately $2 million through lowered net cash distributions, but also reduced our long term debt by $50 million, and resulted in enhanced market liquidity through the issuance of approximately 2.6 million additional shares," commented Angelo Bartolini, Chief Financial Officer.
About Altus Group Limited
Altus Group is a leading provider of independent commercial real estate consulting and advisory services, software and data solutions. We operate five interrelated Business Units, bringing together years of experience and a broad range of expertise into one comprehensive platform: Research, Valuation and Advisory; ARGUS Software; Property Tax Consulting; Cost Consulting and Project Management and Geomatics. Our suite of services and software enables clients to analyze, gain insight and recognize value on their real estate investments.
Altus Group has approximately 1,900 employees in multiple offices around the world, including Canada, the United States, the United Kingdom, Australia and Asia Pacific. Altus Group's clients include financial institutions, private and public investment funds, insurance companies, accounting firms, public real estate organizations, real estate investment trusts, healthcare institutions, industrial companies, foreign and domestic private investors, real estate developers, governmental institutions and firms in the oil and gas sector.
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes information that relates to, among other things, objectives, strategies and intentions, and future financial and operating performance and prospects. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. Please consult Altus Group's most recent regulatory filings on SEDAR for more information on the Company's forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Altus Group LimitedCamilla Bartosiewicz
Vice President, Investor Relations
Source: Altus Group Limited