TORONTO, Dec. 30,
2024 /CNW/ - Invesque Inc. (the "Corporation"
or "Invesque") (TSX: IVQ) and (TSX: IVQ.U) announced today
that it has completed the exchange (the "Debenture
Exchange") of its 7.00% Convertible Unsecured Subordinated
Debentures due January 31, 2025 (the
"2025 Debentures") and its 8.75% Convertible Unsecured
Subordinated Debentures due September 30,
2026 (the "2026 Debentures"). The 2025 Debentures and
2026 Debentures were exchanged for an aggregate principal amount of
US$23,700,000 of 9.75% unsecured
subordinated debentures due December 30,
2027 (the "Amended Debentures") and an aggregate of
140,516,942 common shares of the Corporation ("Common
Shares"). The Amended Debentures are trading on the Toronto
Stock Exchange under the symbol "IVQ.NT.U".
Invesque also announced today that it has completed the exchange
(the "Preferred Share Exchange") of its class A convertible
preferred shares (the "Preferred Shares"), all of which were
held by certain funds managed by Magnetar Financial LLC
("Magnetar"). The Preferred Shares were exchanged for an
aggregate of 716,875,000 Common Shares. Following the Preferred
Share Exchange and the Debenture Exchange, the Corporation has
913,617,112 Common Shares outstanding, of which 80% are controlled
by Magnetar.
"We are extremely pleased to have completed the Debenture
Exchange and Preferred Share Exchange with Magnetar as we close out
2024 and head into 2025. Reducing our annual interest expense, and
aligning all stakeholders represents a critical step in Invesque's
evolution," said Adlai Chester, the
Corporation's Chief Executive Officer. "We appreciate
debentureholder and Magnetar's support of the Corporation and look
forward to continuing to execute on our strategy in 2025."
About Invesque
Invesque is a North American health care real estate company
with an investment thesis focused on the premise that an aging
demographic in North America will
continue to utilize health care services in growing proportion to
the overall economy. Invesque currently capitalizes on this
opportunity by investing in a portfolio of income-generating,
predominantly private pay seniors housing communities. Invesque's
portfolio includes investments primarily in independent living,
assisted living, and memory care, which are operated under
long-term leases and joint venture arrangements with
industry-leading operating partners. Invesque's portfolio also
includes investments in owner-occupied seniors housing properties
in which Invesque owns the real estate, the licensed operations,
and provides management services through Commonwealth Senior
Living, LLC, a Delaware limited
liability company.
Forward-Looking Information
Certain statements contained in this news release are
forward-looking statements and are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. These
forward-looking statements include statements regarding the
anticipated performance of the Corporation in 2024 and beyond. In
some cases, forward-looking information can be identified by such
terms as "will", "would", "anticipate", "anticipated", "expect" and
"expected". The forward-looking statements in this news release are
based on certain assumptions, including assumptions that existing
trends being observed by the Corporation's seniors housing
operating partners will continue. Such statements are subject to
significant known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those expressed or implied by such statements and,
accordingly, should not be read as guarantees of future performance
or results and will not necessarily be accurate indications of
whether or not such results will be achieved. Such risks include
the risk that the Corporation will not successfully improve its
balance sheet or drive shareholder value and that existing trends
being observed by the Corporation's seniors housing operating
partners will not continue, as well as those risks described in the
Corporation's current annual information form and management's
discussion and analysis, available on SEDAR+ at www.sedarplus.ca,
which risks may be dependent on market factors and not entirely
within the Corporation's control. Although management believes that
it has a reasonable basis for the expectations reflected in these
forward-looking statements, actual results may differ from those
suggested by the forward-looking statements for various reasons.
These forward-looking statements reflect current expectations of
the Corporation as at the date of this news release and speak only
as at the date of this news release. The Corporation does not
undertake any obligation to publicly update or revise any
forward-looking statements except as may be required by applicable
law.
SOURCE Invesque Inc.