Student Transportation Announces Closing of Arrangement
STUDENT TRANS (STB)
US:NASDAQ Investor Relations:
ridestbus.com/investor.cfm
Company Research
Source: GlobeNewswire
TORONTO, April 27, 2018 (GLOBE NEWSWIRE) -- Student Transportation Inc. (TSX:STB) (NASDAQ:STB) (“STI” or the “Company”) is pleased to announce the closing of the previously announced plan of arrangement (the “Arrangement”) with Spinner Can AcquireCo Inc., a company sponsored by affiliates of Caisse de dépôt et placement du Québec and Ullico Inc. Under the terms of Arrangement, all of the issued and outstanding convertible debentures of STI were paid out and Spinner Can AcquireCo Inc. acquired all the issued and outstanding common shares and debentures of STI. Each holder of STI’s: common shares received US$7.50 in cash;6.25% Convertible Unsecured Subordinated Debentures due June 30, 2019 (the “Company 2013 Debentures”) received, for each C$1,000 principal amount of Company 2013 Debentures, US$909.8713 in cash; and5.25% Convertible Unsecured Subordinated Debentures due September 30, 2021 (the “Company 2016 Debentures” and, together with the Company 2013 Debentures, the “Debentures”
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