This excerpt taken from the OPY 10-Q filed Nov 8, 2006.
13. Subsequent event
On October 23, 2006, the Company bought back the remaining $20,000,000 of its outstanding Debentures issued to CIBC at par plus accrued interest of $258,000 and a fee of $117,000. The Debentures that were redeemed were exchangeable for 862,069 Class A Shares at the rate of $23.20 per Class A Share (approximately 6% of the Class A Shares on a fully diluted basis). The Company used internally available funds and existing bank call loan facilities to repurchase this debt. The gain on extinguishment on the outstanding Debentures is approximately $470,000.
This excerpt taken from the OPY 10-Q filed Aug 8, 2006.
13. Subsequent event
On July 31, 2006, the Company bought back $140,822,400 of its outstanding First and Second Variable Rate Exchangeable Debentures (the Debentures) issued to Canadian Imperial Bank of Commerce (CIBC) at par plus accrued interest of $485,055. The Debentures that were redeemed were exchangeable for approximately 6.1 million Class A Shares at the rate of $23.20 per Class A Share. This leaves $20 million of the Debentures outstanding, which are expected to be redeemed on October 31, 2006 or earlier at the Companys option. The Company has agreed to make a contingent payment to CIBC if, prior to December 31, 2007, the Company enters into an agreement for the sale of the majority of the Companys Class A and Class B Shares. The amount of the contingent payment would be based on the price per share realized by the Companys shareholders in any such transaction.
The Company has issued a senior secured credit note in the amount of $125 million at a variable interest rate based on the London Interbank Offering Rate (LIBOR) with a seven-year term. Minimum principal repayments equal 0.25% per quarter and there are required prepayments of principal based on a portion of the Companys excess cash flow, the net cash proceeds of asset sales, tax refunds over certain limits, awards over certain limits in connection with legal actions or takings, and debt issuances or other liability financings. The balance of the refinancing was funded by internally available funds and an increase in bank call loans.
The Company hopes to establish a plan through which key executive, managerial and sales employees of the Company and its subsidiaries may purchase the remaining $20 million of Debentures, at par. The balance of the refinancing will be funded by the plan (if created), an increase in the senior secured credit note or from internally available funds and an increase in bank call loans.
This excerpt taken from the OPY 10-Q filed May 9, 2006.
12. Subsequent event
On May 4, 2006, the Company sold 136,052 shares of NYSE Group (consisting of 80,635 and 55,417 NYSE Group shares that were originally restricted until March 2007 and March 2008, respectively) at a price of $61.50 per share (before commission) as part of a secondary offering by NYSE Group shareholders. The Company may sell additional shares pursuant to the underwriters' over-allotment option, which expires on June 5, 2006. The Company is recording an additional gain from the sale of approximately $476,000, net of transaction related costs. See note 5.