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Cineplex Inc(CGX) - 5.75% Convertible Debenture New Issue

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Cineplex Inc. has issues $275M of 5.75%, cnovertible unsecured subbordinated debentures. The conversion price is $10.94, a 30% premium to the current share price of $8.40.

The debentures will not be redeemable prior to Sept-30-2023. From Sept-30-2023 to Sept-30-2024, redemption is allowed providing the common share price is not less than 125% of the conversion price. After Sept-30-2024, the debentures may be redeemed at part up to the maturity date of Sept-30-2025.

In the event of a change of control of Cineplex Inc. the debentures will be redeemed for cash at par. credit facility.

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