Arctic Glacier Income Fund

Arctic Glacier Income Fund

August 02, 2011 15:20 ET

Arctic Glacier Completes Issuance of Units to Convertible Debenture Holders

WINNIPEG, MANITOBA--(Marketwire - Aug. 2, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) (the "Fund") today announced the completion of the issuance of trust units ("Units") of the Fund to the holders ("Debenture holders") of its 6.50% extendible convertible unsecured subordinated debentures (the "Debentures").

On June 30, 2011 the Fund announced its intention to issue Units to Debenture holders to satisfy its obligations to repay the $90.6 million principal amount of Debentures outstanding on the maturity date of July 31, 2011 in lieu of cash, in accordance with the terms of the trust indenture for the Debentures. On July 26, 2011, the Fund announced terms of issuance of Units to Debenture holders, including that the number of Units to be issued was to be approximately 311.3 million. The Units are freely tradable in Canada and are not subject to any resale restrictions under applicable Canadian securities legislation or the rules of the Toronto Stock Exchange.

About Arctic Glacier

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. Prior to the issuance of trust units to Debenture holders, there were 39.0 million trust units outstanding. Following the issuance of units to Debenture holders, there are approximately 350.3 million trust units outstanding.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

Contact Information

  • Arctic Glacier Income Fund
    Keith McMahon
    President & CEO
    Toll free investor relations phone: 1-888-573-9237

    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll free investor relations phone: 1-888-573-9237