Tree Island Announces Interest Payment on Debentures
17 Dicembre 2012 - 4:00PM
Marketwired
Tree Island Steel Ltd. (the "Company") (TSX:TSL)(TSX:TSL.DB)
announces an interest payment of $2.5136 on each $100 principal
amount of its outstanding 10% second lien convertible debentures
(TSL.DB) due November 26, 2014 (the "Debentures"), in respect of
the period October 1, 2012 to December 31, 2012. Debenture holders
of record as at December 31, 2012 will be entitled to such payments
on January 30, 2013. Payment of interest in cash on January 30,
2013 is subject to: (i) the Company's ability to elect, under
certain circumstances, to defer cash interest payments or pay such
interest in additional Debentures in accordance with the trust
indenture dated November 26, 2009 between the Company and Valiant
Trust Company, as Debenture Trustee; and (ii) prohibitions on cash
interest payments under certain circumstances described in the
subordination and intercreditor agreement dated November 26, 2009
among the Company, certain of its affiliates, its senior lenders
and the Debenture Trustee, both of which are available on SEDAR at
www.sedar.com.
About Tree Island Steel Ltd.
Tree Island Steel Ltd. has a 100% ownership interest in Tree
Island Industries Ltd. and its performance depends on the
performance of Tree Island Industries Ltd. Headquartered in
Richmond, British Columbia, since 1964, Tree Island Industries
Ltd., through its four operating facilities in Canada and the
United States, produces wire products for a diverse range of
industrial, residential construction, commercial construction,
agricultural, and specialty applications. Its products include
bright wire; a broad array of fasteners, including packaged,
collated and bulk nails; stucco reinforcing products; concrete
reinforcing mesh; fencing and other fabricated wire products. The
Company markets these products under the Tree Island, Halsteel,
K-Lath, Industrial Alloys, TI Wire, and Tough Strand and Select
Brand names. Tree Island also owns and operates a Hong Kong-based
company that assists the international sourcing of products to Tree
Island Industries Ltd. and its customers.
Contacts: Tree Island Steel Ltd. Nancy Davies Chief Financial
Officer (604) 523-4587ndavies@treeisland.com www.treeisland.com
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