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Toronto’s Victoria Park transit station renovation by IBI Group has won several awards. Late last week, IBI announced its intention to rework the terms of some convertible debentures
Toronto’s Victoria Park transit station renovation by IBI Group has won several awards. Late last week, IBI announced its intention to rework the terms of some convertible debentures
(IBI Group)

Debt refinancing terms have investors crying foul

A new proposal to amend the terms of IBI Group Inc.’s convertible debt is raising questions about the incentives companies use to get investor approval for such deals.

Late last week, IBI, a company that specializes in architecture and engineering projects, announced its intention to rework the terms of some convertible debentures. Under the proposal, the convertible notes that pay 7 per cent in interest annually and mature on Dec. 31 would have their maturity date extended five years into the future.