Altus Group calls all C$50 million of 5.75% convertibles due 2017

By Tali Rackner

Norfolk, Va., June 23 – Altus Group Ltd. plans to redeem all C$50 million of its 5.75% convertible debentures due Dec. 31, 2017, according to a press release.

The debentures will be redeemed at par of C$1,000 plus accrued interest on July 28.

The company will use cash on hard or draws on its credit facilities to finance the redemption, the release noted.

Holders may convert their debentures into Altus Group common shares at a conversion price of C$18.60 per share, representing a conversion rate of 53.7634 Altus Group common shares per C$1,000 principal amount.

BNY Trust Co. of Canada is the trustee.

Newmarket, Ont.-based Altus provides real estate consulting and advisory services.

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