Maple Leaf Foods Announces Convertible Debenture Redemption
TORONTO, ONTARIO, Jan 10, 2005 (CCNMatthews via COMTEX) -- Maple Leaf Foods Inc. (TSX:MFI) today reported that it has completed the redemption of its convertible debentures. The redemption was announced on December 7th and notice issued on December 8, 2004. On January 7th, the redemption date, debentures with a principal amount of $79.8 million were outstanding and were redeemed for cash at par value plus accrued interest. The cash redemption was funded from proceeds of the Company's recent equity offering which had previously closed on December 20, 2004.
Prior to the redemption date, debentures with a principal amount of $11.5 million were tendered for conversion at a price of $15 per share and settled by the issuance on January 7th of 763,933 common shares. This brings the total number of voting and non-voting common shares outstanding to 125.9 million.
After taking into account last month's equity issue and the shares issued on conversion of the debentures, McCain Capital Corporation holds 33.0 % of all common shares of the Company and Ontario Teachers Pension Plan Board holds 33.9%.
Maple Leaf Foods Inc. is a leading Canadian food processing company committed to delivering quality food products to consumers around the world. Headquartered in Toronto, Canada, the Company employs approximately 23,000 people at its operations across Canada, and in the United States, Europe and Asia. The Company reported sales of $5.0 billion in 2003.
Maple Leaf Foods Inc. Michael Vels Chief Financial Officer (416) 926-2048
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