Extinguishment

Quest Patent Research Enters into $27 Million Capital Facility for Acquisition Growth Capital

Retrieved on: 
Thursday, February 25, 2021

Management is scheduled to host a shareholder update conference call on Tuesday, March 2nd at 8:30 a.m.

Key Points: 
  • Management is scheduled to host a shareholder update conference call on Tuesday, March 2nd at 8:30 a.m.
  • The Capital Facility will provide up to $27.0 million for the purchase of intellectual property portfolios with up to $2.0 million being available to the Company's for working capital at its discretion.
  • QFL and the Company share equally in proceeds after QFL has received an agreed upon return on capital deployed from the Capital Facility.
  • Extinguishment of Legacy Secured Convertible Note:
    In conjunction with closing on the Capital Facility, the Company's legacy secured convertible note has been extinguished.

Guitar Center Concludes Fast-track Reorganization, Eliminating Nearly $800 Million of Debt and Strengthening Its Balance Sheet

Retrieved on: 
Tuesday, December 22, 2020

The Plan, which was confirmed on December 17, 2020, implements a series of previously announced recapitalizations, including exit financing and the extinguishment of all of Guitar Centers pre-petition debt.

Key Points: 
  • The Plan, which was confirmed on December 17, 2020, implements a series of previously announced recapitalizations, including exit financing and the extinguishment of all of Guitar Centers pre-petition debt.
  • Guitar Center emerges with a stronger balance sheet as a result of the elimination of nearly $800 million of debt and $165 million in new equity funding.
  • We look forward to strengthening our business and to building upon this momentum as we enter this next exciting chapter.
  • Guitar Center undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Fearless Films Announces Agreement for Extinguishment of Convertible Note with Holder

Retrieved on: 
Friday, July 24, 2020

TORONTO, July 24, 2020 /PRNewswire/ --Fearless Films, Inc. ("Company") (OTCQB: FERL), a film production company focused on creating high-quality entertainment for the streaming world, announces that the Company has negotiated an agreement for the extinguishment of its 2019 Convertible Note ("Note") from the holder of the Note.

Key Points: 
  • TORONTO, July 24, 2020 /PRNewswire/ --Fearless Films, Inc. ("Company") (OTCQB: FERL), a film production company focused on creating high-quality entertainment for the streaming world, announces that the Company has negotiated an agreement for the extinguishment of its 2019 Convertible Note ("Note") from the holder of the Note.
  • If fully executed, the transaction will extinguish all of the remaining $76,500 in debt related to the Note.
  • Under the terms of the agreement, the Company will immediately issue 1 million common shares to the holder; in return the holder will extinguish the Convertible Note.
  • "We negotiated this agreement as a means of reducing future potential dilution from the Convertible Note.

River Valley Community Bancorp Announces 1st Quarter Results (Unaudited)

Retrieved on: 
Tuesday, April 21, 2020

A non-recurring expense of $928,000 was recognized during the quarter ended March 31, 2020 for costs related to the restructuring of outstanding borrowings.

Key Points: 
  • A non-recurring expense of $928,000 was recognized during the quarter ended March 31, 2020 for costs related to the restructuring of outstanding borrowings.
  • A $10 million investment security was sold resulting in a gain of $1.0 million, which offset the debt extinguishment costs.
  • The first quarter efficiency ratio would have been 65.20% had the debt extinguishment costs not been incurred.
  • CEO John M. Jelavich stated, Coming into the first quarter, no one anticipated being in the midst of the current coronavirus pandemic.

Robbins Geller Rudman & Dowd LLP Announce Proposed Settlement in the Parametric Settlement

Retrieved on: 
Friday, February 14, 2020

IF YOU HELD SHARES OF PARAMETRIC COMMON STOCK ON JANUARY 15, 2014, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR OWNERSHIP OF PARAMETRIC COMMON STOCK.

Key Points: 
  • IF YOU HELD SHARES OF PARAMETRIC COMMON STOCK ON JANUARY 15, 2014, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION, INCLUDING THE RELEASE AND EXTINGUISHMENT OF CLAIMS YOU MAY POSSESS RELATING TO YOUR OWNERSHIP OF PARAMETRIC COMMON STOCK.
  • If you have not received a detailed Notice of Proposed Settlement of Class and Derivative Action (Notice) and a copy of the Proof of Claim and Release form, you may obtain copies by writing to Parametric Settlement, Claims Administrator, c/o Gilardi & Co. LLC, P.O.
  • Box 43342, Providence, RI 02940-3342, or on the Internet at www.ParametricShareholderLitigation.com .
  • Any such objector shall have an additional five (5) days after the relevant objection hearing to submit a request for exclusion.

Covia Repurchases $63 Million of Debt at Substantial Discount to Par

Retrieved on: 
Tuesday, December 17, 2019

Following the closing of the repurchase, the Company had $343.5 million in cash.

Key Points: 
  • Following the closing of the repurchase, the Company had $343.5 million in cash.
  • The Company expects to recognize a pre-tax gain of $13.4 million in the fourth quarter of 2019 related to this extinguishment of debt.
  • This repurchase demonstrates our continued commitment to improving our leverage profile, and is expected to reduce annual interest expense by nearly $4 million.
  • The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

ATI Issues 5.875% $350 Million Senior Notes Due 2027

Retrieved on: 
Tuesday, November 26, 2019

Allegheny Technologies Incorporated (NYSE: ATI) recently announced that it issued $350 million of new senior unsecured notes at a 5.875% interest rate due in December 2027.

Key Points: 
  • Allegheny Technologies Incorporated (NYSE: ATI) recently announced that it issued $350 million of new senior unsecured notes at a 5.875% interest rate due in December 2027.
  • The company will use the proceeds of the 2027 Notes, along with cash on hand, to redeem all its outstanding $500 million of 5.95% senior unsecured notes due January 2021 on December 23, 2019.
  • Combined, these actions reduce ATIs debt by $150 million and are expected to reduce annual interest expense by $9 million beginning in 2020.
  • ATI will recognize a debt extinguishment charge of approximately $21 million in the fourth quarter 2019 related to the 2021 Notes redemption.

Dorian LPG Ltd. Announces First Quarter Fiscal Year 2019 Financial Results

Retrieved on: 
Thursday, August 9, 2018

STAMFORD, Conn., Aug. 9, 2018 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended June30,2018.

Key Points: 
  • STAMFORD, Conn., Aug. 9, 2018 /PRNewswire/ -- Dorian LPG Ltd. (NYSE: LPG) (the "Company," "Dorian LPG," "we," and "our"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended June30,2018.
  • Net loss for the three months ended June30,2018 is adjusted to exclude an unrealized gain on derivative instruments of $1.7 million.
  • This was a decrease of $0.2 million, or 1.2%, from $16.9 million for the three months ended June 30, 2017.
  • There was no gain on early extinguishment of debt for the three months ended June 30, 2018.