Optional Redemption upon Equity Offerings Clause Samples
The "Optional Redemption upon Equity Offerings" clause allows an issuer to redeem, or buy back, a portion of its outstanding securities using proceeds from a new equity offering. Typically, this clause specifies the percentage of securities that can be redeemed, the time frame in which redemption is permitted after the equity offering, and the price at which the redemption will occur, often at a premium to the principal amount. Its core function is to give issuers flexibility in managing their capital structure by enabling them to reduce debt with funds raised from issuing new equity, thereby potentially lowering leverage and interest expenses.
Optional Redemption upon Equity Offerings. At any time, or from time to time, prior to June 1, 2010, the Company may, at its option, use an amount not to exceed the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the aggregate principal amount of the Notes (which includes Additional Notes, if any) originally issued under this Indenture at a redemption price of 110.500% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, to the Redemption Date; provided that:
(1) at least 65% of the principal amount of Notes (which includes Additional Notes, if any) originally issued under this Indenture remains outstanding immediately after any such redemption; and
(2) the Company makes such redemption not more than 120 days after the consummation of any such Equity Offering.
Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to March 2, 2008, the Company may, at its option, use the Net Cash Proceeds of one or more Equity Offerings (as defined below) to redeem up to 35% of the principal amount of the Securities issued under the Indenture at a redemption price of 107.875% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that:
(a) at least 65% of the principal amount of Securities issued under the Indenture remains outstanding immediately after any such redemption; and
(b) the Company gives notice of such redemption not more than 60 days after the consummation of any such Equity Offering.
Optional Redemption upon Equity Offerings. At any time on or prior to October 1, 2012, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture at a redemption price of 109.625% of the principal amount of the Notes, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, in each case with the net cash proceeds of one or more Equity Offerings that have not previously been used or designated for a different purpose under the Indenture; provided that:
Optional Redemption upon Equity Offerings. At any time prior to [ ], the Issuers may redeem, on any one or more occasions, with all or a portion of the net cash proceeds of one or more Equity Offerings (within 60 days of the consummation of any such Equity Offering), up to 35% of the aggregate principal amount of the Notes (including any Additional Notes) at a redemption price (expressed as a percentage of the aggregate principal amount of the Notes so redeemed) equal to [ ]% plus accrued and unpaid interest to but not including, the Redemption Date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the original aggregate principal amount of the Notes must remain outstanding immediately after each such redemption.
Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to September 28, 2008 the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued under the Indenture at a redemption price equal to 107.50% of the principal amount thereof; provided, that:
Optional Redemption upon Equity Offerings. In the event the Company completes one or more Equity Offerings on or before March 15, 2006, the Company, at its option, may use the net cash proceeds from any such Equity Offering to redeem up to 35% of the original principal amount of the Notes (a "Special Redemption") at a Redemption Price of 108.875% of the principal amount, together with accrued and unpaid interest and Additional Interest (if any), to the date of redemption, provided, however, that at least 65% of the original principal amount of the Notes initially issued under the Indenture will remain outstanding immediately after each such redemption; and provided, further, that each such redemption shall occur within 90 days after the date of the closing of the applicable Equity Offering. If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, only on a pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures).
Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to March 25, 2016, the Issuer may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture at a redemption price equal to 105.875% of the principal amount thereof plus any accrued and unpaid interest on the principal amount of the Notes to the date of redemption; provided, that: • after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding; and • the Issuer shall make such redemption not more than 90 days after the consummation of such Equity Offering; provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Issuer is prohibited from exercising such an option under the Facilities Agreement.
Optional Redemption upon Equity Offerings. At any time or from time to time, in the event the Company completes one or more Equity Offerings on or before May 1, 2010, the Company may, at its option, use the net cash proceeds from any such Equity Offerings to redeem up to 35% of the principal amount of the Notes (a “Special Redemption”) at a Redemption Price of 106.875% of the principal amount thereof, together with accrued and unpaid interest thereon, if any, to the Redemption Date, provided that (1) at least 65% of the principal amount of the Notes issued hereunder remains outstanding immediately after each such Special Redemption; and (2) such Special Redemption shall occur not more than 90 days after the date of the closing of the applicable Equity Offering. Any redemption pursuant to this Section 3.8 shall be made pursuant to the provisions of Sections 3.1 through 3.6.
Optional Redemption upon Equity Offerings. At any time, or from time to time, prior to June 1, 2019, the Issuer may, at its option, use all or any portion of the net cash proceeds of one or more Equity Offerings (as defined below) to redeem up to 35% of the aggregate principal amount of the Notes issued (calculated after giving effect to any issuance of Additional Notes) at a redemption price equal to 106.500% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that at least 50% of the aggregate principal amount of Notes issued (calculated after giving effect to any issuance of Additional Notes) remains outstanding immediately after any such redemption. In order to effect the foregoing redemption with the proceeds of any Equity Offering, the Issuer shall make such redemption not more than 90 days after the consummation of any such Equity Offering.
Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to May 1, 2002, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35% aggregate principal amount of the Securities issued pursuant to the Indenture at a redemption price equal to 110.875% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption; provided that after any such redemption the aggregate -------- principal amount of Securities outstanding must equal at least 65% of the aggregate principal amount of the Securities issued pursuant to the Indenture. In order to effect the foregoing redemption with the net cash proceeds of any Equity Offering, the Company shall make such redemption not more than 90 days after the consummation of any such Equity Offering.