NEW YORK, May 17, 2019 (GLOBE NEWSWIRE) -- Solus Alternative Asset Management LP ("Solus") announced that one or more funds and accounts managed by it and/or subsidiaries thereof (the "Solus Funds") acquired beneficial ownership of, and Solus acquired control or direction over, 2,500,000 common shares ("Common Shares") of Tervita Corporation (the "Company") in block trades at a price of CAD$6.50 per Common Share, for total consideration of CAD$16,250,000 (the "Acquisition").
Immediately prior to the Acquisition, the Solus Funds beneficially owned, and Solus exercised control and direction over, 47,360,270 Common Shares, representing approximately 40.3% of the issued and outstanding Common Shares (on the basis of 117,557,112 Common Shares issued and outstanding as of the date hereof). Immediately following the Acquisition, the Solus Funds have beneficial ownership of, and Solus exercises control or direction over 49,860,270 Common Shares, representing approximately 42.41% of the issued and outstanding Common Shares (on the basis of 117,557,112 Common Shares issued and outstanding as of the date hereof). The Solus Funds are relying on the private agreement exemption pursuant to Section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
The Solus Funds acquired the Common Shares 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 Common Shares, 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 file 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 1600, 140-10th Avenue, SE Calgary, Alberta T2G 0R1.
Solus Alternative Asset Management LP
410 Park Avenue, 11th Floor
New York, NY 10022