The notes will be redeemed on December 15, 2010, at a redemption price of 101.250% of the principal amount, plus accrued and unpaid interest. The accrued interest will be paid for the period from June 16, 2010, up to, but excluding, the redemption date of December 16, 2010."It is estimated that the redemption will require [image-nocss] a $4.4 million charge...in Q3/F11, but this will allow it to save the company almost $24 million in annual interest expense," according to a research note written by TD Newcrest analyst Michael Van Aelst.The terms of the redemption are described in the notice of redemption sent to registered holders on or about November 10, 2010.
Notes are to be surrendered to Wells Fargo Bank Minnesota NA as trustee and paying agent, in exchange for the payment of the redemption price.
In late October, the company announced that the Toronto Stock Exchange approved its share repurchase program, authorizing the company to repurchase up to 2,685,335 Class A multiple voting shares (representing 5 % of the 53,706,712 Class A multiple voting shares issued and outstanding) and 11,621,801 Class B subordinate voting shares (representing 10 % of the 116,218,014 Class B subordinate voting shares of the public float) as at October 20, 2010. (Click here for previous CSP Daily News coverage.)
Laval, Quebec-based Alimentation Couche-Tard has a network comprised of 5,869 convenience stores, 4,141 of which include motor fuel dispensing, located in 11 large geographic markets, including eight in the United States covering 42 states and the District of Columbia (primarily under theCircle Kbanner), and three in Canada covering all 10 provinces (primarily under the Mac's banner). More than 53,000 people are employed throughout Couche-Tard's retail convenience network and service centers.
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