Optional Redemption Procedures for the Notes. At any time or from time to time before December 15, 2022, the Corporation may, at its option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). At any time or from time to time on or after December 15, 2022, the Corporation may, at its option, redeem some or all of the Notes, upon not less than 10 nor more than 60 days’ prior notice, at the redemption prices set forth below (expressed as a percentage of principal amount), plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, to, but not including, the date of such redemption. The Corporation will mail notice of redemption at least 10 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any notice of redemption prior to the completion of any event or transaction related to such redemption. Any redemption described above or notice thereof may, at the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction or other event. If any redemption is so subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state that, in the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. If the Corporation chooses to redeem less than all of the Notes, the Corporation will notify the Trustee at least 5 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
Appears in 1 contract
Optional Redemption Procedures for the Notes. At The Notes are redeemable, at any time in whole or from time to time before December 15, 2022, the Corporation mayin part, at its the Corporation’s option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points. In each case above, the Applicable Premium as of, and Corporation will pay any accrued and unpaid interest thereon (if any) on the principal amount of the Notes to be redeemed to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date)redemption. At In addition, at any time or from time to time on or after prior to December 151, 20222016, the Corporation may, at its option, on any one or more occasions redeem some or all up to 35% of the Notes, upon not less than 10 nor more than 60 days’ prior notice, aggregate principal amount of the Notes at a redemption price of 106.75% of the redemption prices set forth below (expressed as a percentage of principal amount)amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, redeemed to, but not including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that:
(a) at least 65% of the aggregate principal amount of Notes originally issued under this Ninth Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and
(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. The Corporation will mail notice of redemption at least 10 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any mail notice of redemption prior to the completion of any event or transaction related to such redemption. Any , and any redemption described above or notice thereof may, at the discretion of the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction an Equity Offering. In addition, if such redemption or other event. If any redemption notice is so subject to the satisfaction of one or more conditions precedent, the such notice thereof shall describe each such condition and, if applicable, shall state that, in the discretion of the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any such notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. If the Corporation chooses to redeem less than all of the NotesNotes are redeemed, the Corporation Trustee will notify the Trustee be notified at least 5 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
Appears in 1 contract
Sources: Ninth Supplemental Indenture (Qwest Communications International Inc)
Optional Redemption Procedures for the Notes. At any time before January 1, 2025, the Notes are redeemable, in whole or from time to time before December 15in part, 2022at the Corporation’s option, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points. At any time on or after January 1, 2025, the Corporation mayNotes are redeemable, in whole or from time to time in part, at its the Corporation’s option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus redeemed. In each case above, the Applicable Premium as of, and Corporation will pay any accrued and unpaid interest thereon (if any) on the principal amount of the Notes to be redeemed to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date)redemption. At In addition, at any time or from time to time on or after December 15prior to April 1, 20222018, the Corporation may, at its option, on any one or more occasions redeem some or all up to 35% of the Notes, upon not less than 10 nor more than 60 days’ prior notice, aggregate principal amount of the Notes at a redemption price of 105.625% of the redemption prices set forth below (expressed as a percentage of principal amount)amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, redeemed to, but not including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that:
(a) at least 65% of the aggregate principal amount of Notes originally issued under this Tenth Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and
(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. The Corporation will mail notice of redemption at least 10 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any mail notice of redemption prior to the completion of any event or transaction related to such redemption. Any , and any redemption described above or notice thereof may, at the discretion of the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction an Equity Offering. In addition, if such redemption or other event. If any redemption notice is so subject to the satisfaction of one or more conditions precedent, the such notice thereof shall describe each such condition and, if applicable, shall state that, in the discretion of the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any such notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. If the Corporation chooses to redeem less than all of the NotesNotes are redeemed, the Corporation Trustee will notify the Trustee be notified at least 5 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
Appears in 1 contract
Optional Redemption Procedures for the Notes. At The Notes are redeemable, at any time in whole or from time to time before December 15, 2022, the Corporation mayin part, at its the Corporation’s option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points. In each case above, the Applicable Premium as of, and Corporation will pay any accrued and unpaid interest thereon (if any) on the principal amount of the Notes to be redeemed to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date)redemption. At In addition, at any time or from time to time on or after December 15prior to April 1, 20222016, the Corporation may, at its option, on any one or more occasions redeem some or all up to 35% of the Notes, upon not less than 10 nor more than 60 days’ prior notice, aggregate principal amount of the Notes at a redemption price of 105.625% of the redemption prices set forth below (expressed as a percentage of principal amount)amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, redeemed to, but not including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that:
(a) at least 65% of the aggregate principal amount of Notes originally issued under this Eighth Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and
(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. The Corporation will mail notice of redemption at least 10 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any mail notice of redemption prior to the completion of any event or transaction related to such redemption. Any , and any redemption described above or notice thereof may, at the discretion of the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction an Equity Offering. In addition, if such redemption or other event. If any redemption notice is so subject to the satisfaction of one or more conditions precedent, the such notice thereof shall describe each such condition and, if applicable, shall state that, in the discretion of the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any such notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. If the Corporation chooses to redeem less than all of the NotesNotes are redeemed, the Corporation Trustee will notify the Trustee be notified at least 5 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
Appears in 1 contract
Optional Redemption Procedures for the Notes. At any time before January 1, 2024, the Notes are redeemable, in whole or from time to time before December 15in part, 2022at the Corporation’s option, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi- annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points. At any time on or after January 1, 2024, the Corporation mayNotes are redeemable, in whole or from time to time in part, at its the Corporation’s option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus redeemed. In each case above, the Applicable Premium as of, and Corporation will pay any accrued and unpaid interest thereon (if any) on the principal amount of the Notes to be redeemed to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date)redemption. At In addition, at any time or from time to time on or after December 15prior to April 1, 20222019, the Corporation may, at its option, on any one or more occasions redeem some or all up to 35% of the Notes, upon not less than 10 nor more than 60 days’ prior notice, aggregate principal amount of the Notes at a redemption price of 107.5% of the redemption prices set forth below (expressed as a percentage of principal amount)amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, redeemed to, but not including, the date of redemption, with the net proceeds of an Equity Offering; provided that:
(a) at least 65% of the aggregate principal amount of Notes originally issued under this Eleventh Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and
(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. The Corporation will mail any notice of redemption at least 10 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any mail notice of redemption prior to the completion of any event or transaction related to such redemption. Any , and any redemption described above or notice thereof may, at the discretion of the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction an Equity Offering. In addition, if such redemption or other event. If any redemption notice is so subject to the satisfaction of one or more conditions precedent, the such notice thereof shall describe each such condition and, if applicable, shall state that, in the discretion of the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any such notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption such other date as so delayedor dates specified in such notice. If the Corporation chooses to redeem less than all of the outstanding Notes, the Corporation will notify the Trustee at least 5 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
Appears in 1 contract
Sources: Eleventh Supplemental Indenture
Optional Redemption Procedures for the Notes. At any time before January 1, 2024, the Notes are redeemable, in whole or from time to time before December 15in part, 2022at the Corporation’s option, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes to be redeemed; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points. At any time on or after January 1, 2024, the Corporation mayNotes are redeemable, in whole or from time to time in part, at its the Corporation’s option, redeem some or all of the Notes, upon not less than 10 nor more than 60 day’s prior notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus redeemed. In each case above, the Applicable Premium as of, and Corporation will pay any accrued and unpaid interest thereon (if any) on the principal amount of the Notes to be redeemed to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date)redemption. At In addition, at any time or from time to time on or after December 15prior to April 1, 20222019, the Corporation may, at its option, on any one or more occasions redeem some or all up to 35% of the Notes, upon not less than 10 nor more than 60 days’ prior notice, aggregate principal amount of the Notes at a redemption price of 107.5% of the redemption prices set forth below (expressed as a percentage of principal amount)amount thereof, plus accrued and unpaid interest thereon (if any) to, but not including, the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the twelve months beginning December 15 of the years indicated below: 2022 102.563 % 2023 101.281 % 2024 and thereafter 100.000 % In addition, at any time or from time to time on or before December 15, 2022, the Corporation may, at its option, redeem up to 40% of the original aggregate principal amount of the Notes (including any Additional Notes) at a redemption price equal to 105.125% of the principal amount of the Notes so redeemed, plus accrued and unpaid interest thereon (if any) to the redemption date (subject to the right of holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), with the net cash proceeds from one or more private placements of, or underwritten public offerings of, its common stock; provided, however, that at least 60% of the original aggregate principal amount of the Notes (including any Additional Notes) would remain outstanding immediately after giving effect to such redemption. Any such redemption shall be made within 180 days of such private placement or public offering upon not less than 10 nor more than 60 days’ prior notice. Notwithstanding the foregoing, in connection with any tender offer for the Notes, including any offer to purchase Notes, if holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Corporation, or any third party making such tender offer in lieu of the Corporation, purchases all of the Notes validly tendered and not withdrawn by such holders, the Corporation or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the greater of (i) the highest price offered to any other holder in such tender offer (exclusive of amounts paid in respect of accrued and unpaid interest) and (ii) par, plus accrued and unpaid interest, if any, thereon, redeemed to, but not including, the date of redemption, with the net proceeds of an Equity Offering; provided that:
(a) at least 65% of the aggregate principal amount of Notes originally issued under this Eleventh Supplemental Indenture remains outstanding immediately after the occurrence of such redemption; and
(b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. The Corporation will mail any notice of redemption at least 10 30 but not more than 60 days before the redemption date to each holder of record of the Notes to be redeemed at its registered address; provided, however, that if all of the Notes to be redeemed are held in global form by any Clearing Agency, the Corporation, by written direction, shall cause the Trustee to furnish notice of redemption at least 10 but not more than 60 days before the redemption date to such Clearing Agency. The notice of redemption for the Notes will state state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price, any conditions to redemption, price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed, and any other information required by Article III of the Original Indenture or that the Corporation, in its sole discretion, elects to include. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. The Corporation may furnish or cause to be furnished any mail notice of redemption prior to the completion of any event or transaction related to such redemption. Any , and any redemption described above or notice thereof may, at the discretion of the Corporation’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction an Equity Offering. In addition, if such redemption or other event. If any redemption notice is so subject to the satisfaction of one or more conditions precedent, the such notice thereof shall describe each such condition and, if applicable, shall state that, in the discretion of the Corporation’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and any such notice with respect to such redemption may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption such other date as so delayedor dates specified in such notice. If the Corporation chooses to redeem less than all of the outstanding Notes, the Corporation will notify the Trustee at least 5 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof) called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive payment of the redemption price. The Corporation will notify the Trustee of the redemption price promptly after the calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01.
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