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Temple Hotels Inc. Announces Partial Redemption of 7.25% Series E Convertible Redeemable Unsecured Subordinated Debentures

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Temple Hotels Inc. Announces Partial Redemption of 7.25% Series E Convertible Redeemable Unsecured Subordinated Debentures

Canada NewsWire

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

MISSISSAUGA, ON, Aug. 24, 2018 /CNW/ - Temple Hotels Inc. (TSX:TPH) ("Temple" or the "Company") announced today that it has delivered notice to the holders of the Company's outstanding 7.25% Series E convertible redeemable unsecured subordinated debentures due September 30, 2020 (the "Debentures") that pursuant to the terms of the trust indenture governing the Debentures (the "Trust Indenture"), the Company will, effective September 30, 2018 (the "Redemption Date"), redeem $2,258,000 principal amount of Debentures (the "Redeemed Debentures"), plus accrued interest thereon. The Redeemed Debentures will be selected by CIBC Mellon Trust Company (the "Indenture Trustee") on a pro rata basis in accordance with the principal amount of the Debentures registered to each holder of Debentures. Temple committed to undertake this partial redemption when it extended the maturity date of the Debentures in September 2017.

On the Redemption Date, the holder of each Redeemed Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,036.34932, comprised of a principal repayment of $1,000.00 and interest of $36.34932 for the 183 day period from March 31, 2018 until the Redemption Date.  All interest on the Redeemed Debentures shall cease from and after the Redemption Date.

Certificates representing the Debentures must be tendered to the Indenture Trustee at 1 York Street, 6th Floor, Toronto, ON M5J 0B6 Attention: GA Canada Operations.

ABOUT TEMPLE                                                                                             

Temple is a growth orientated hotel investment company with hotel properties located across Canada. Temple is listed on the Toronto Stock Exchange under the symbols TPH (common shares) and TPH.DB.E. (convertible debenture). The primary long-term investment objectives of the Company are to yield stable and growing cash flows and to maximize the long-term share value of the Company through the active management of its assets, accretive acquisitions, and the performance of value-added capital improvement programs on selected properties, as deemed appropriate. For further information on Temple, please visit our website at www.templehotels.ca.

SOURCE Temple Hotels Inc.

View original content: http://www.newswire.ca/en/releases/archive/August2018/24/c4400.html

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