RE: RE: news releasethey are buying 5% early to save paying the 6% due Jan 31st on redemption maturity date
seems like a wise move
OTTAWA, Canada – November 11, 2011 – Wi-LAN Inc. (“WiLAN” or the “Company”) (TSX:WIN) (NASD:WILN) today announced that its Board of Directors has approved a Normal Course Issuer Bid (“NCIB”) under which the Company expects to purchase for cancellation up to $11,500,000 worth of its outstanding extendible convertible unsecured subordinated debentures (the "Debentures"), being 5% of the $230,000,000 worth of Debentures as of November 9, 2011, between November 15, 2011 and January 31, 2012. The Debentures will be purchased through the facilities of TSX and the NCIB is subject to obtaining requisite regulatory approvals.
On September 8 and 12, 2011, the Company issued CDN $230 million in aggregate principal amount of 6.0% Debentures. The Company issued these Debentures in connection with its Offer to acquire MOSAID Technologies Incorporated., which expired on November 1, 2011. As a result of the expiration of the Offer, the maturity date of the Debentures will be January 31, 2012, when the Company will be required to repay in cash the aggregate principal amount of Debentures then outstanding together with accrued and unpaid interest.