Centric Health calls C$10.81 million 6% convertibles due 2016 at par

By Susanna Moon

Chicago, Sept. 19 – Centric Health Corp. said it issued a call for its C$10,808,000 of outstanding 6% unsecured subordinated convertible notes due Dec. 22, 2016.

The convertibles will be redeemed at par plus accrued interest to the redemption date of Nov. 8, according to a company notice. Holders must be of record as of 5 p.m. ET on Sept. 16.

Holders may convert the notes at the current conversion price until 5 p.m. ET on Nov. 7.

The company’s stock (Toronto: CHH) closed at $0.40 on Sept. 16.

“The repayment of the December 2016 notes represents yet another step forward in our debt reduction and balance sheet simplification strategy, which has seen our total debt reduced by approximately C$220 million since the beginning of the year,” David Cutler, president and chief executive officer of Centric Health, said in the company press release.

“We look forward to providing the market with details on the next definitive steps in our strategy before the end of this year.”

Centric is a Toronto-based provider of health care services.

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