Convertible Notes

Summary

As of June 30, 2017, the Company had $50.9 million face value of Convertible Notes and $9.3 million face value of Interest Notes outstanding (the “2018 Notes”). The face value of Convertible Notes included $49.8 million of 11% Senior Secured Convertible Notes due December 31, 2018 (the “2018 Convertible Notes”) and $1.1 million of 5.50% Convertible Notes due June 15, 2022 (the “2022 Convertible Notes”).

In June 2017, the Company gave notice of a partial redemption of its 2018 Notes and in the third quarter of 2017, the Company gave notice that it would redeem all of its remaining 2018 Notes. Of these notes, $36.3 million were settled in cash and the Company paid an additional $6.4 million in premium on redemption and $0.2 million in interest to the redemption date. The remaining $22.8 million 2018 Notes were converted to approximately 7.6 million Class A common shares. As of August 10, 2017, all of the Company’s 2018 Notes had been redeemed for cash or converted to Class A common shares and the Company’s remaining debt consisted of approximately $1.1 million 2022 Convertible Notes which bear interest at a rate of 5.50% per year, payable semiannually in arrears on June 15 and December 15 and, subject to certain conditions, may be redeemed, repurchased or converted into Class A common shares of the Company at a conversion price of $7.54 per common share.

In October 2017, the Company gave notice of a full redemption of its 2022 Convertible Notes.  As of October 31, 2017, all of the Company’s remaining 2022 Convertible Notes had been redeemed.