MDC Partners announced today that it finalized the redemption of all of its 8.00% convertible unsecured subordinate debentures (the “Debentures”) on Thursday, November 26.
NEW YORK, NY (November 30, 2009) – MDC Partners announced today that it finalized the redemption of all of its 8.00% convertible unsecured subordinate debentures (the “Debentures”) on Thursday, November 26. Consideration paid to redeem the Debentures, which were originally scheduled to mature on June 30, 2010, was C$45 million, plus accrued interest.
“We are thrilled to complete the early redemption of the Debentures which serves to reduce indebtedness and remove the risk of dilution to our shareholders,” said Miles Nadal, Chairman and Chief Executive Officer. “This is all part of our capital strategy where our mandate is to optimize financial results and maximize shareholder value.”
About MDC Partners Inc.
MDC Partners is a progressive Marketing and Communications Network, championing the most innovative entrepreneurial talent. MDC Partners provides strategic solutions and services to multinational clients in North America, Europe and Latin America. Our philosophy emphasizes the utilization of Strategy and High Value Creativity to drive growth and measurable impact for our clients. “MDC Partners is The Place Where Great Talent Lives.” The company’s Class A shares are publicly traded on the NASDAQ under the symbol “MDCA” and on the Toronto Stock Exchange under the symbol “MDZ.A”.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company’s financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; financing requirements; and other factors set forth in the Company’s Form 10-K for its fiscal year ended December 31, 2008 and subsequent SEC filings.
VP, Finance & Corporate Development