Student Transportation wraps payout for 6.25% and 5.25% convertibles

By Wendy Van Sickle

Columbus, Ohio, April 27 – Student Transportation Inc. said it has completed a plan of arrangement under which holders received cash for their 6.25% convertible unsecured subordinated debentures due June 30, 2019 and 5.25% convertible unsecured subordinated debentures due Sept. 30, 2021 after the company was acquired.

Under the arrangement, Spinner Can AcquireCo Inc., a company sponsored by Caisse de depot et placement du Quebec and Ullico Inc., acquired all the issued and outstanding common shares and debentures of Student Transportation.

Student Transportation will be delisted from the Toronto Stock Exchange and the Nasdaq, according to an announcement by the company.

Holders of the 6.25% convertibles received US$909.8713 in cash for each C$1,000 principal amount. Holders of the 5.25% convertibles received US$996.691 in cash for each C$1,000 principal amount.

Shareholders received US$7.50 in cash.

Student Transportation provides school bus transportation services and is based in Barrie, Ont.

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