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  5. CSU.RT: I hold the Series 1 Debentures and am quite content to continue to do so, also the rights to purchase Series 2 which I intended to let expire. [Constellation Software Inc. Rights]
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Q: I hold the Series 1 Debentures and am quite content to continue to do so, also the rights to purchase Series 2 which I intended to let expire. Should I or is it advantageous to sell Series 1 to switch?
Asked by Jeff on September 19, 2023
5i Research Answer:

Series I and Series II are identical, except for the lack of redemption clause in Series II. If an investor has warrants (also issued by CSU) they can swap Series I for Series II if and when CSU calls Series I for redemption. We see no reason to sell/switch at this time, but this decision can be made if redemption is announced. Because of the warrants, Series I can be treated as if they will not be redeemed. 

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