The Exchange Offer and Consent Solicitation expired at 7:00 p.m. (Toronto time) on November 12, 2021 (the “Expiration Time“). As reported by Vesta’s exchange agent, as of the Expiration Time, $197,670,000 aggregate principal amount of Existing Notes had been properly tendered to the Exchange Offer (representing approximately 98.84% of the aggregate principal amount of Existing Notes outstanding), and not validly withdrawn.
All of the Existing Notes properly tendered, and not validly withdrawn under the Exchange Offer were taken up by Vesta on November 16, 2021. As a result, a total of $197,670,000 aggregate principal amount of Existing Notes were exchanged for a total of $197,632,500 aggregate principal amount of New Notes. Pursuant to the terms of the Exchange Offer, Existing Notes that were tendered before 5:00 p.m. on October 27, 2021 (the “Early Tender Time“) were exchanged for an equivalent aggregate principal amount of New Notes, and Existing Notes that were tendered after the Early Tender Time were exchanged for $950 principal amount of New Notes per $1,000 principal amount of Existing Notes.
By tendering Existing Notes to the Exchange Offer, holders of Existing Notes were deemed to have validly provided their consent to the Proposed Amendments (as defined in the Exchange Offer and Consent Solicitation Statement). As valid consents sufficient to effect the Proposed Amendments to the trust indenture dated July 24, 2018 (the “Existing Indenture“) governing the Existing Notes were received, Vesta and the trustee under the Existing Indenture executed a supplemental indenture to the Existing Indenture in order to, among other things, remove certain covenants and events of default contained in the Existing Indenture and the Existing Notes, as set out in the Exchange Offer and Consent Solicitation Statement.
Commensurate with the settlement of the Exchange Offer, Vesta and its Lenders concluded the semi-annual review of Vesta’s borrowing base in connection with its syndicated credit facilities (the “Credit Facilities“). As part of the review, Vesta’s credit agreement relating to the Credit Facilities was extended to May 6, 2023 and Vesta’s borrowing base was set at $194,200,000. The next scheduled review of Vesta’s borrowing base is scheduled for April, 2022.