WINNIPEG, MB , Feb. 22, 2021 /CNW/ – Exchange Income Corporation (” EIC ” or the ” Corporation “) (TSX: EIF) today announced that the Toronto Stock Exchange (” TSX “) has approved the renewal of EIC’s normal course issuer bid for the common shares of EIC (” Common Shares “) and approved EIC’s normal course issuer bid for certain series of debentures of EIC (collectively, the ” NCIB “). Pursuant to the NCIB, EIC can purchase up to an aggregate of 3,253,765 Common Shares; $6,897,500 principal amount of 7 year 5.25% convertible unsecured subordinated debentures of EIC (” Debentures ( June 2016 ) “), $10,000,000 principal amount of 5 year 5.25% convertible unsecured subordinated debentures of EIC ( ” Debentures ( December 2017 ) “), $8,050,000 principal amount of 7 year 5.35% convertible unsecured subordinated debentures of EIC (” Debentures ( June 2018 ) “) and $8,625,000 principal amount of 7 year 5.75% convertible unsecured subordinated debentures of EIC (” Debentures ( March 2019 ) “) (collectively, the ” Securities “), representing 10% of the public float of each series of Securities as at January 31, 2021 .
Purchases of Securities pursuant to the NCIB may be made through the facilities of the TSX commencing on February 24, 2021 , and ending on February 23, 2022 , or an earlier date in the event that EIC purchases the maximum number of each of the Securities available under the NCIB. EIC will pay the market price at the time of acquisition for any Securities purchased through the facilities of the TSX. All Securities acquired directly by EIC under the NCIB will be cancelled.
As at January 31, 2021 , there were 35,491,565 Common Shares; $68,975,000 principal amount of Debentures ( June 2016 ), $100,000,000 principal amount of Debentures ( December 2017 ), $80,500,000 principal amount of Debentures ( June 2018 ), and $86,250,000 principal amount of Debentures ( March 2019 ) issued and outstanding. The average daily trading volume of the Securities for the six month period ended January 31, 2021 , was 111,383 Common Shares; $40,829 principal amount of Debentures ( June 2016 ), $44,004 principal amount of Debentures ( December 2017 ), $77,568 principal amount of Debentures ( June 2018 ), and $77,354 principal amount of Debentures ( March 2019 ). Daily purchases will be limited to 27,845 Common Shares; $10,207 principal amount of Debentures ( June 2016 ), $11,001 principal amount of Debentures ( December 2017 ), $19,392 principal amount of Debentures ( June 2018 ), and $19,338 principal amount of Debentures ( March 2019 ), other than block purchase exceptions.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Corporation sought and received approval from the TSX to purchase up to 1,736,542 Common Shares for the period of February 22, 2020 , to …
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