Tree Island redeems C$1.8 million of 10% second-lien convertibles

By Tali Rackner

Norfolk, Va., Feb. 13 - Tree Island Steel Ltd. said that as of Feb. 12, C$1.8 million of its 10% second-lien convertible debentures to be redeemed on March 4 have been converted into common shares of the company, according to a news release. The aggregate principal amount of debentures currently outstanding is C$4,084,700.

Holders have the right to convert their debentures into common shares until 1 p.m. ET on March 3.

The conversion price is equal to C$0.50, which is a conversion rate of 200 common shares for each C$100 principal amount of debentures converted.

The remaining convertibles will be redeemed at par plus accrued interest to the redemption date.

Tree Island is a Richmond, B.C.-based wire production company.

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