Noralta Lodge Ltd.

Noralta Lodge Ltd.

November 01, 2016 20:18 ET

Noralta Lodge Completes Cash Tender Offer for a Portion of its Senior Secured Second Lien Notes Due 2019

EDMONTON, ALBERTA--(Marketwired - Nov. 1, 2016) - Noralta Lodge Ltd. (the "Company") today announced the successful completion of its previously announced tender offer (the "Offer") to purchase for cash up to $56,500,000 aggregate principal amount (the "Maximum Tender Amount") of its outstanding 7.50% Senior Secured Second Lien Notes due 2019 (the "Notes") from the holders thereof (the "Holders"). The Offer expired at 5:00 P.M., Toronto time, on October 27, 2016 (the "Expiration Time").

At the Expiration Time, the aggregate principal amount of Notes validly tendered (and not withdrawn) under the Offer was $121,675,000, which exceeded the Maximum Tender Amount. The Company decided not to increase the Maximum Tender Amount and Notes were accepted for purchase in accordance with the proration procedures for the Offer.

Payment for the Notes accepted for purchase occurred on November 1, 2016 (the "Settlement Date"). Holders whose Notes were accepted for purchase received the tender consideration of $885 per $1,000 principal amount of such Notes, along with accrued and unpaid interest to but excluding the Settlement Date in the amount of approximately $7.60 per $1,000 principal amount.

Notes tendered but not purchased pursuant to the Offer as a result of proration are being returned to the tendering Holders at the expense of the Company in accordance with the procedures of CDS Clearing and Depository Services Inc. ("CDS") and the applicable CDS participants.

National Bank Financial Inc. acted as sole lead dealer manager in connection with the Offer, along with HSBC Securities (Canada) Inc.

About Noralta Lodge

Noralta Lodge is shifting the focus of the lodging industry towards wellness by demonstrating the importance of quality accommodations on the productivity, safety, retention, and attraction of employees. Through its full service open lodge accommodations, facilities management services, and turnkey solutions, Noralta Lodge is offering unmatched hospitality wherever you work. For more information, please visit Noralta Lodge's website at noraltalodge.com.

Contact Information