ONCAN Settles Exchangeable Debentures With Onex Corporation Shares

TORONTO, ONTARIO--(Marketwired - March 18, 2016) -

All amounts in Canadian dollars unless otherwise stated.

ONCAN Canadian Holdings Ltd. ("ONCAN"), a company controlled by Gerald Schwartz, Chairman and Chief Executive Officer of Onex Corporation ("Onex") (TSX:OCX), today transferred 4,648,878 subordinate voting shares of Onex and cash (together valued at approximately $358 million) to settle exchangeable debentures issued in 1999 and 2000. Although the exchangeable debentures were not scheduled to mature until 2024 and 2025, respectively, the debenture holder elected to exercise its right of exchange early. The shares represent approximately 4.5% of the outstanding subordinate voting shares of Onex.

Mr. Schwartz continues to beneficially own or exercise control or direction over an aggregate of 13,459,140 subordinate voting shares of Onex, none of which are the subject of any similar debenture or arrangement. The remaining shares represent approximately 12.9% of the total outstanding subordinate voting shares. Mr. Schwartz also beneficially owns and controls all of the outstanding multiple voting shares of Onex.