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Enercare Solutions to Redeem CDN$725 Million of Senior Unsecured Notes

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TORONTO , Nov. 15, 2019 /CNW/ - Enercare Solutions Inc. ("Enercare Solutions") today announced that it has exercised its right to redeem their CDN$225 million of 4.60% 2013-1 Senior Unsecured Notes due February 3, 2020 (the "Series 2013-1 Notes"), CDN$275 million of 3.38% Series 2017-1 Senior Unsecured Notes due February 21, 2022 (the "Series 2017-1 Notes") and CDN$225 million of 3.99% Series 2017-2 Senior Unsecured Notes due February 21, 2024 (the "Series 2017-2 Notes" and, together with the Series 2013-1 Notes and the Series 2017-1 Notes, the "Notes"). The redemption will occur on December 16, 2019 (the "Redemption Date").

The redemption price in respect of each of the Series 2013-1 Notes, Series 2017-1 Notes and Series 2017-2 (per CDN$1,000 of principal amount) is set forth below:

Series 2013-1 Notes

CDN$225 million of 4.60% 2013-1 Senior Unsecured Notes due February 3, 2020
(CUSIP No. 29270PAB2)
Make whole amount: CDN$1,002.67
Accrued and unpaid interest up to the Redemption Date: CDN$17 .01 
Total Redemption Price: CDN$1,019.68

Series 2017-1 Notes

CDN$275 million of 3.38% Series 2017-1 Senior Unsecured Notes due February 21, 2022
(CUSIP No. 29270PAC0)
Make whole amount: CDN$1,026.65
Accrued and unpaid interest up to the Redemption Date: CDN$10.84
Total Redemption Price: CDN$1,037.49  

Series 2017-2 Notes

CDN$225 million of 3.99% Series 2017-2 Senior Unsecured Notes due February 21, 2024
(CUSIP No. 29270PAD8)
Make whole amount: CDN$1,071.62
Accrued and unpaid interest up to the Redemption Date: CDN$12.79
Total Redemption Price: CDN$1,084.41  

The redemption price was determined in accordance with the provisions of the master trust indenture dated January 29, 2010 and each of the seventh supplemental indenture dated February 1, 2013 in respect of the Series 2013-1 Notes, the eleventh supplemental indenture dated February 21, 2017 in respect of the Series 2017-1 Notes and the twelfth supplemental indenture dated February 21, 2017 in respect of the Series 2017-2 Notes.

Notice of redemption will be delivered today to CDS Clearing and Depository Services Inc. ("CDS") and the indenture trustee, Computershare Trust Company of Canada . Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in the Notes through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their representative brokerage firm or financial institution, which holds interests in the Notes on their behalf.

Enercare Solutions also announced today that it intends to make an application to the securities regulatory authority in each of the provinces and territories in Canada to cease to be a reporting issuer immediately following completion of the redemption.

Cautionary Statement Regarding Forward-looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words, "will", "expected", "intends" or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects, and which do not relate to historical matters, identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding the expected consummation of the redemption on the Redemption Date and Enercare Solutions' intention to cease to be a reporting issuer following the redemption. Although Enercare Solutions believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward-looking statements or information in this news release. The future performance and prospects of Enercare Solutions are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Enercare Solutions to differ materially from those contemplated or implied by the statements in this news release are described in the documents filed by Enercare Solutions with the securities regulators in Canada including under "Risk Factors" in Enercare Solutions' most recent MD&A and other risks and factors that are described therein. The forward-looking statements contained in this press release are made as of the date hereof, and except as required by law, Enercare Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

SOURCE Enercare Solutions Inc.


View original content: http://www.newswire.ca/en/releases/archive/November2019/15/c9597.html