BELLUS Health reports results for first half of f...(ted securities had been below the minimu...),Health

Date:8/11/2009

ted securities had been below the minimum $35,000,000 requirement for continued inclusion on the NASDAQ Capital Market. The Company then formally initiated the steps to voluntarily delist by notifying the NASDAQ Stock Market and issuing a press release regarding its intention to voluntarily delist its common stock from the NASDAQ Capital Market. The Company received the consent of the holders of over a majority in value of the Company's 2006 Notes and amended the trust indenture governing these notes, so as to permit delisting from NASDAQ. The Company's listing on the Toronto Stock Exchange was not affected by the delisting from NASDAQ.

As at December 31, 2008, the Company held approximately $12,250,000 (of which $6,250,000 was denominated in Canadian dollars) in principal value of third party ABCP, including $5,719,000 of third party ABCP acquired as part of the Innodia acquisition. These investments were due to mature as early as August 2007, but, as a result of a disruption in the credit markets, particularly in the ABCP market, they did not settle on maturity. On April 25, 2008, the restructuring plan announced by the Pan-Canadian Investors Committee (the Committee) in December 2007 was approved by the ABCP holders. On January 21, 2009, the Committee announced that the restructuring plan had been implemented. Pursuant to the terms of the restructuring plan, the Company received the following new floating rate interest-bearing notes (New ABCP Notes) in exchange for its ABCP: CDN$2,306,000 of MAV2 Class A-1 Notes, CDN$2,773,000 of MAV2 Class A-2 Notes, CDN$503,000 of MAV2 Class B Notes, CDN$173,000 of MAV2 Class C Notes, CDN$850,000 of MAV2 IA Tracking Notes, $5,000,000 of MAV3 IA Tracking Notes as well as $977,000 and CDN$985,000 of MAV3 TA Tracking Notes. The legal maturity of the New ABCP Notes is July 15, 2056, but the actual expected repayment date of the Notes, if held to maturity, is January 22, 2017. The New ABCP Notes issued following the restruct
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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