Financial Instruments

Exchangeable Debentures

(in thousands of Canadian dollars)

Principal Amount:



November 30, 2022

Interest Rate:

8.00% per annum 1

Interest shall be payable in cash semi-annually in arrears in equal installments on the last day of May and November of each year (or if such day is not a Business Day 2, on the next Business Day 2).

The Exchangeable Debentures are exchangeable at the holder’s option into common shares at any time at an exchange price per common share equal to $19.04, subject to adjustments as indicated in the Trust Indenture.


Download the Trust Indenture:

Indenture Governing the Senior Subordinated Exchangeable Debentures pdf - 1.1 MB


Credit Ratings

Standard & Poor’s - Corporate

B- / stable outlook

Standard & Poor’s – Exchangeable Debentures



1. The Company may pay an interest rate of 12% per annum in the event that the Company makes a Paid In Kind election to pay any interest in additional Senior Subordinated Exchangeable Debentures.
2. "Business Day" means any day other than a Saturday or Sunday or any other day on which the Canadian Trustee's office in Montreal, Quebec is not generally open for business, or any other day on which Canadian chartered banks are closed in Montreal, Quebec.