NEW YORK, Sept. 06, 2018 (GLOBE NEWSWIRE) -- Solus Alternative Asset Management LP ("Solus"), in its capacity as investment manager of certain investment funds and/or accounts (the "Solus Funds"), today announced that the Solus Funds acquired beneficial ownership of, and Solus acquired control or direction over, 8,472,283 limited voting shares ("Limited Voting Shares") and 1,000 Class B special shares ("Class B Special Shares") of Concordia International Corp. (the "Company") pursuant to the previously announced recapitalization transaction (the "Recapitalization Transaction") by way of a statutory plan of arrangement under the Canada Business Corporations Act, which was completed as of the date hereof. Immediately prior to the Recapitalization Transaction, Solus and the Solus Funds held no equity or voting securities of the Company. Following completion of the Recapitalization Transaction, the Solus Funds have beneficial ownership of, and Solus has control and direction over, approximately 17.34% of the issued and outstanding Limited Voting Shares of the Company (on the basis of 48,854,257 Limited Voting Shares issued and outstanding on the date hereof) and 100% of the issued and outstanding Class B Special Shares (on the basis of 1,000 Class B Special Shares issued and outstanding on the date hereof).
In connection with the Recapitalization Transaction, the Solus Funds received 1,167,684 Limited Voting Shares in exchange for their unsecured debt in the aggregate principal amount of approximately US$322,235,663. In connection with the private placement, the Solus Funds paid US$13.69 or C$18.05 per Limited Voting Share purchased (based on a US dollar to Canadian dollar exchange rate of 1.3185) for total consideration paid equal to US$100,000,000 or C$131,850,000. The Solus Funds paid US$1.00 or C$1.3185 per Class B Special Share purchased for total consideration paid equal to US$1000 or C$1,318.50.
The Solus Funds hold the Limited Voting Shares and Class B Special Shares (collectively, the "Concordia Securities") for investment purposes. The Solus Funds and Solus may, depending on market and other conditions and subject to applicable securities regulation, change their beneficial ownership of (or control or direction over) the Concordia Securities, whether in the open market, by privately negotiated agreements, or otherwise. Any transaction that the Solus Funds and Solus may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to the Solus Funds and Solus, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the Solus Funds and Solus.
Solus will be filing an early warning report under the SEDAR profile of the Company at www.sedar.com. A copy may also be obtained by contacting Solus’ Chief Compliance Officer at 212-284-4300. The head office of the Company is located at 5770 Hurontario Street
Suite 310, Mississauga, Ontario, L5R 3G5.
Solus Alternative Asset Management LP
410 Park Avenue, 11th Floor
New York, NY 10022