November 3, 2017

Boyd Group Income Fund Announces Completion of Redemption of Convertible Debentures

Winnipeg, Manitoba – November 3, 2017 – Boyd Group Income Fund (TSX: BYD.UN) (the “Fund” or the “Boyd Group”) announced today that it has completed the early redemption and cancellation of its 5.25% Convertible Unsecured Subordinated Debentures due October 31, 2021 (the “Debentures”) on November 2, 2017 (the “Redemption Date”).

Subsequent to the initial announcement of the early redemption, $52,376,000 principal amount of the Debentures were converted into 853,027 units of the Fund using a conversion price of $61.40 per Trust Unit (the “Conversion Price”) as stated in the Trust Indenture dated as of September 29, 2014 (the “Trust Indenture”). The remaining $2,547,000 in Debentures were redeemed and cancelled at a Redemption Price equal to the outstanding principal amount of the Debentures divided by 95% of the Current Market Price of the Trust Units (which equalled $87.84 per Unit). In accordance with the terms of the Trust Indenture, the Fund elected to pay the Redemption Price by issuing 28,995 Freely Tradeable Trust Units to the Holders. The Fund paid $8,545 in cash both for the accrued and unpaid interest, up to but excluding the Redemption Date, on the Debentures and in lieu of any fractional Trust Units that would otherwise be issued.

As of November 3, 2017, the Fund has 19,513,454 Trust Units issued and outstanding.

Capitalized terms used above and not defined herein shall have the meaning ascribed to them in the Trust Indenture.

About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. The Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at

About The Boyd Group Inc.
The Boyd Group Inc. (the “Company”), directly and through subsidiaries, is one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in five Canadian provinces under the trade names Boyd Autobody & Glass ( and Assured Automotive (, as well as in 21 U.S. states under the trade name Gerber Collision & Glass ( ). The Company uses newly acquired brand names during a transition period until acquired locations have been rebranded. The Company is also a major retail auto glass operator in the U.S. with locations across 31 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and The Company also operates a third party administrator, Gerber National Claims Services (“GNCS”), that offers glass, emergency roadside and first notice of loss services. GNCS has approximately 5,500 affiliated glass provider locations and 4,600 affiliated emergency roadside services providers throughout the U.S. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at (

For further information, please contact:

Brock Bulbuck
Tel: (204) 594-1770

Craig MacPhail
Investor Relations
Tel: (416) 586-1938 or toll free 1-800-385-5451

Pat Pathipati
Executive Vice President & CFO
Tel: (204) 895-1244 (ext. 33841)

Corporate Headquarters
Boyd Group Services Inc.

1745 Ellice Avenue
Winnipeg, Manitoba, R3H 1A6
Tel: 204-895-1244
Fax: 204-895-1283