TORONTO, Nov. 30, 2020 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (TSX: BYL.DB) today announced that it has mailed the following notice to the holders of its convertible debentures.
To: Holders of $17,250,000 6.5% Extendible Convertible Unsecured Debentures due July 10, 2023 of Baylin Technologies Inc.
Subject: Payment of Interest in Common Shares
We, Baylin Technologies Inc., are offering holders of our 6.5% Extendible Convertible Unsecured Debentures (the "Debentures") an option to elect to receive our common shares in payment of interest due on the Debentures on the interest payment date on December 31, 2020 as an alternative to cash interest.
This option, which is entirely voluntary, is part of our continuing efforts to meet the economic and business challenges brought on by the Covid-19 pandemic by reducing costs and preserving cash. Holders who exercise the option will receive common shares at 85% of their current market price on the December 31 interest payment date; however, the shares will be subject to a restriction on resale for a period of four months after that date.
Holders who do nothing will receive their regular interest payment in cash on December 31, 2020.
If you would like to consider this option, please contact our Corporate Secretary at philip.mohtadi@baylintech.com by December 10, 2020 for more information about how to elect this option. In order to elect this option, you must sign an agreement with us and instruct your broker or dealer (through which you hold your Debentures) to make the election on your behalf by contacting CDS (CDS Clearing and Depository Services Inc.). The agreement is available from the Corporate Secretary.
About Baylin
Baylin Technologies Inc. is a leading, diversified, global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio frequency products and services. Baylin aspires to meet its customers' needs and anticipate the direction of the market.
SOURCE Baylin Technologies Inc.
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