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Financings

Exchange Income Corporation Announces Early Redemption of 7 Year 5.25% Debentures Due January 15, 2029

By The Northwire Desk — AI Analysis Oct 28, 2025 · 17:09 EIF · 76.7 EXCHANGE INCOME CORPORATION
EIF · Price

Executive Summary

  • Exchange Income Corporation will redeem all outstanding 7‑year 5.25% convertible unsecured subordinated debentures (principal $114.8 M) on December 2, 2025 at a total payment of $1,020.1369863 per debenture.
  • Redemption is being triggered because the market price of EIC common shares exceeds 125 % of the conversion price ($60), allowing early redemption under the trust indenture.
  • Holders may convert debentures into common shares at $60 per share prior to the redemption date; otherwise they will receive cash repayment plus accrued interest.

Key Details

  • Outstanding Debentures: 114,798 units, aggregate principal $114,798,000 ($1,000 each).
  • Redemption Date: December 2, 2025 (effective).
  • Redemption Payment per Debenture: $1,020.1369863 (principal $1,000 + accrued interest $20.1369863 for the period July 15‑Dec 2, 2025).
  • Conversion Price: $60.00 per share; conversion allowed prior to redemption at a discount to the October 28, 2025 closing price of EIC common shares.
  • Trigger Condition: Market price of EIC common shares > 125 % of the $60 conversion price, permitting early redemption under Section 4.2 of the Trust Indenture dated December 6, 2021.
  • Redemption Instructions: Debenture holders must submit conversion/redeem requests to their financial institutions in advance of each institution’s cutoff time; certificates to be tendered to Computershare Advantage Trust of Canada (Attention: Traicy Thomas).
  • Interest Accrual Ceases: All interest on the debentures stops as of the redemption date.

Notable Quotes

  • “The Corporation is taking the step to redeem these Debentures as the current market price of EIC’s common shares is greater than 125 % of the conversion price, which permits the Corporation to redeem the Debentures in accordance with the Trust Indenture.” – Mike Pyle, Chief Executive Officer

This release excludes boilerplate corporate descriptions and forward‑looking risk disclosures.

Read the original news release →

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