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Baylin Technologies to Repay Debentures, Exchange Preferred Shares Through Equity Issuances

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Baylin Technologies (BYL.TO) will repay the principal of its 8.5% convertible unsecured debentures due June 30, 2026, through a common shares issue, the company said Wednesday.

The company will issue 18.2 million shares to equal the C$5.1 million debentures principal, divided by 95% of the current market price of C$0.296 per share, a statement said.

Baylin will also exchange C$3.95 million of preferred shares and unpaid dividends for 16.2 million shares to be issued on a private placement basis. The preferred shares are ultimately held by board chair Jeffrey Royer. After the exchange Royer's control will increase to 53.4% of Baylin's issued and outstanding shares.

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